GMO Coin, the cryptocurrency exchange of Japanese giant GMO Internet, has confirmed that it will be issuing airdrops of Songbird (SGB) tokens to holders of XRP in Japanese yen. The funds will be delivered by the end of the month.
The Songbird airdrop
Eligible customers for this offer are those who held physical XRP in a GMO Coin account as of 9:00 AM on Saturday, Dec. 2, 2020. This also extends to customers using the company's crypto asset lending services.
The amount of the airdrop will be determined based on a snapshot of XRP holdings taken at the same time and converted to yen using a proprietary method.
Although the standard price for the conversion is yet to be announced, GMO Coin has confirmed that even if customers sell or send their XRP after the snapshot, they will still be eligible for the airdrop. The company plans to deliver the funds to qualifying accounts by Sept. 29.
GMO Coin's crypto endeavors
GMO has been bullish on cryptocurrencies, consistently making developments in the crypto space. On top of launching a crypto exchange, it also initiated a bitcoin mining operation before shutting it down due to a crypto market downturn back in 2018. Additionally, GMO Internet has been licensed to issue a JPY-pegged stablecoin in New York. Earlier this year, GMO Financial Holdings acquired a 10% stake in AWR Capital, a prominent crypto hedge fund.