GMO Coin, the cryptocurrency change of Japanese large GMO Web, has confirmed that it will likely be issuing airdrops of Songbird (SGB) tokens to holders of XRP in Japanese yen. The funds will likely be delivered by the top of the month.  

The Songbird airdrop  

Eligible clients for this supply are those that held bodily XRP in a GMO Coin account as of 9:00 AM on Saturday, Dec. 2, 2020. This additionally extends to clients utilizing the corporate’s crypto asset lending companies. 

The quantity of the airdrop will likely be decided based mostly on a snapshot of XRP holdings taken on the identical time and transformed to yen utilizing a proprietary methodology. 

Though the usual worth for the conversion is but to be introduced, GMO Coin has confirmed that even when clients promote or ship their XRP after the snapshot, they may nonetheless be eligible for the airdrop. The corporate plans to ship the funds to qualifying accounts by Sept. 29.

GMO Coin’s crypto endeavors 

GMO has been bullish on cryptocurrencies, persistently making developments within the crypto house. On high of launching a crypto change, it additionally initiated a bitcoin mining operation earlier than shutting it down on account of a crypto market downturn again in 2018. Moreover, GMO Web has been licensed to challenge a JPY-pegged stablecoin in New York. Earlier this yr, GMO Monetary Holdings acquired a ten% stake in AWR Capital, a distinguished crypto hedge fund.