Leading South Korean Crypto Exchange to Support Latest Airdrop for $XRP Holders

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Upbit, a leading South Korean cryptocurrency trading platform, has announced that it will support the latest airdrop for $XRP token holders in xCORE tokens. Airdrop is also distributed to $SOLO token holders.

In a recently published announcement, Upbit clarified that the airdrop was to take place on March 24 and that a total of 50 million tokens were to be split equally between SOLO and XRP holders. To participate in the airdrop, holders must have tokens in their exchange balance at the time the snapshot is taken.

Importantly, the exchange will suspend XRP and SOLO deposits and withdrawals two hours before the snapshot. xCORE, it should be noted, is an option token with a strike price of $10 for $CORE, the native token of the Coreum network, a layer 1 blockchain created by the Sologenic Development Fund to meet the needs of Sologenic that the XRP Ledger could not answer.

According to the project, a total of 100 million $CORE tokens are distributed to current token holders, while a total of 50 million xCORE tokens are distributed to wallets that hold SOLO and/or XRP at the time of the snapshot.

The team noted that xCORE, an option token, can be exchanged for CORE tokens if the CORE price reaches and remains above $10.00 for 240 consecutive hours (10 days). Alternatively, the option expires on March 24, 2025 at 04:00 UTC.

By issuing optional xCORE tokens, the Core team provides additional incentive to the community to support the growth of the CORE ecosystem, while providing flexibility for those who do not wish to hold CORE tokens directly.

Importantly, after expiration, the team notes that regardless of price, xCORE holders are eligible to trade 1:1 for CORE tokens via a smart contract on the Coreum Blockchain.

Upbit recently drove a surge in alternative Solana-based cryptocurrency after listing on the cryptocurrency exchange. The altcoin, called Access Protocol ($ACS), saw its price jump over 200% after Upbit announced the listing.

Source of images

Featured image via Pixelabay.

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