Spark is the native token of the Flare network, a new blockchain protocol that enables the use of smart contracts for existing crypto tokens that do not natively have them. This will start with XRP, which could open the network up to decentralized finance applications.
Doron Rosenblum, vice president of business solutions at eToro said,
“We are very proud to have such a large XRP community across the eToro crypto ecosystem. Decentralized finance is becoming increasingly popular among investors, but many struggle to find ways of tapping into this world in a safe and regulated way. Our mission at eToro is to open up financial markets for more people, and participating in the Spark airdrop demonstrates our commitment to the continued development of the Ripple network.”
A snapshot is due to take place on December 12, 2020 of people holding XRP tokens across multiple exchanges in order to decide how many Spark tokens these investors are entitled to. People holding XRP on either the eToro investment platform or on eToroX eToro’s professional crypto exchange – will be included in the snapshot and therefore eligible to receive Spark tokens. Distribution of Spark token is currently set for March 2021, according to Flare network.
Hugo Philion, Flare CEO commented,
“We are delighted that eToro plans to support the Spark airdrop. The platform is known for having a world-class set of crypto investors, so its support of Flare and our native Spark token is an important development in the project.”
Dr. Omri Ross, eToro chief blockchain scientist added,
“We are excited to add support for Spark on behalf of eToro’s XRP community once their blockchain is released. As smart contracts provide the basis for developing decentralized applications, we think that the possibility of engaging our XRP community with such tools is an exciting development for the XRP ecosystem as a whole and eToro customers in particular.”
eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of more than 16 million registered users who share their investment strategies, and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform, users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.
As technology has evolved, so has our business. In 2018, we launched our professional crypto exchange eToroX, together with the eToro Wallet. Together with the investment platform, eToro provides a holistic service for buying, selling and holding cryptoassets. We believe that leveraging blockchain technology will enable us to become the first truly global service provider, allowing everyone to trade, invest and save.
eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, regulated by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.
eToroX is incorporated in Gibraltar with company number 116348 and its registered office is at 57/63 Line Wall Road, Gibraltar. Its distributed ledger technology (DLT) provider license was granted by the Gibraltar Financial Services Commission in December 2018 (license number FSC1333B).
Ethereum Struggles to Gain Momentum Following 8,170 ETH Exchange Deposit
Ethereum faced an intense selloff yesterday that erased all of the gains that had come about due to its recent rally up towards $400.
This rally was a sign of strength following a prolonged period of ETH seeing sideways trading while Bitcoin rallied. The break above $400 also held some technical significance, but the rejection here erased all the bullishness signs that had emerged.
There were likely two primary factors behind the strong selloff seen after it broke above $400, including Bitcoin’s rejection at $13,800, as well as a massive influx of ETH onto crypto exchanges that appears to have been promptly sold.
According to one analytics platform, a total of 8,170 Ethereum was moved onto exchanges, with this being the likely impetus of the selloff.
That being said, the crypto’s buyers were able to absorb the bulk of these orders and have since allowed it to stabilize above $380.
Any further large sell orders from so-called “whales” could shatter this support and cause its price to reel significantly lower in the days and weeks ahead.
At the time of writing, Ethereum is trading down just under 3% at its current price of $386. This is around where it has been trading throughout the past few days and weeks.
Yesterday, buyers attempted to spark a rally when they sent its price surging past $400, but this move was incredibly fleeting and followed by intense downside.
This decline came about in tandem with that seen by Bitcoin, as the benchmark cryptocurrency plunged from $13,800 to lows of $13,300 before rebounding slightly.
Bitcoin’s decline doesn’t appear to be the only thing that sparked this latest Ethereum selloff, as one analytics firm explained that a total of 8,170 ETH were moved by whales onto exchanges just before the selloff took place.
This indicates that their sell orders are what sparked the move back below $400.
“ETH Exchange Inflow Mean for all exchanges hit 8,170 before the drop… It seems that whales deposited ETH to exchanges to sell some coins. The average amount of deposits hit 8,170 ETH in the block time frame.”
Image Courtesy of CryptoQuant.
Unless there’s another influx of large sell-side pressure, there’s a decent chance that it will regain its momentum and push higher in the near-term, as it has been expressing some subtle signs of strength against Bitcoin.
Author: By TeamMMG
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