Crypto.com exchange will suspend XRP trading in response to the US Securities and Exchange Commission taking legal action against Ripple.
According to a blog post published today by Crypto.com, the exchange said:
Effective January 19, 2021 at 10 a.m. UTC, XRP will be delisted and trading suspended from Crypto.com Cash in the United States.
Customers in the US will not be able to deposit XRP into Crypto.com Cash as of January 19, 10 a.m. UTC. XRP withdrawals from Crypto.com Cash will not be affected.
The exchange announced that it will also continue to support the Spark (FLR) token distribution, currently set for the first half of 2021 and this is subject to change at Flare’s discretion.
Since the SEC filed the lawsuit against Ripple, the price of XRP has dropped by more than 50% as several exchanges have announced that they will stop trading the token, including Coinbase, OKCoin, 21Shares, OSL, Beaxy, and CrossTower. Bitstamp also plans to suspend XRP trading for US customers.
However, under this pressure Ripple launched a new product. We temporarily call it the FLR token.
Digital asset manager Bitrue has just announced that Flare Networks native token FLR will be available for trading starting January 6.
Initially, there will be only one trading pair with FLR, where XRP is the base currency.
Following the snapshot taken on 12/12, XRP holders will now have to wait until all tokens are distributed to their wallets.
A New Ecosystem for XRP
Flare Networks is a smart contract utility fork of the XRP cryptocurrency that aims to connect it with the Ethereum ecosystem.
Although funded by Ripple’s former investment arm, Xpring, the project maintains its independence from the Ripple company. Earlier this month, Ripple CEO Brad Garlinghouse stated in an interview with CNN that his company has no influence in conversations with exchanges.
Following the SEC lawsuit against Ripple, Block Digital co-founder Santiago Velez stated that Flare could build a whole new layer of applications for XRP, thereby reducing the counterparty risk associated with based Decacorn. headquarters in San Francisco.
Currently, the team is beta testing its first DeFi project, Flare Finance has more than 1,000 registered participants.
Bitrue, one of the most XRP-friendly exchanges, will soon launch another trading pair with the controversial cryptocurrency, while other exchanges are abandoning it.