The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ripple Partner Flare Launching New Crypto Asset for XRP Holders

by Daily Hodl Staff
August 12, 2020
in Altcoins, Ripple and XRP

Flare Networks, a blockchain company backed by the payments startup Ripple, is rolling out a new crypto asset for XRP holders. 

In a new blog post, Flare Networks CEO Hugo Philion says XRP holders other than Ripple can use their holdings to claim 1:1 amount of Spark tokens. The cryptocurrency works with the Flare network, which is designed to allow XRP holders to use smart contracts.

“The Flare Network is a new Turing Complete Smart Contract platform… integrating the Ethereum Virtual Machine. Its native token, the Spark, is generated through a utility fork of XRP. Furthermore, Flare uses the XRP encryption scheme, which can facilitate the usage of XRPL and Flare for XRP users.”

According to Philion, Spark serves as the collateral for the issuance of FXRP tokens, which is the fuel that powers smart contracts on Flare. The Flare Networks executive also says the blockchain features a layer two solution that enables the “trustless issuance, usage, and creation FXRP.”

Philion notes that XRP holders are the ones who will most benefit from the FXRP system. He says 100 billion Spark tokens will be created to mirror the existing number of XRP. 

The head of Flare Networks also highlights that Spark holders can generate returns on their tokens whenever they use the crypto asset as collateral to issue and redeem FXRP while providing data to Flare’s time series oracle. In addition, Spark acts as a governance token that allows holders to determine the future direction of the Flare Network.

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

 

Submit a Press Release

Industry Announcements

  • PEPESCAPE Launches Crypto Presale, Combining Memecoin Culture With Decentralized Finance Ecosystem
    July 10, 2025
  • Aptos Labs Expands Leadership With New Chief Business Officer
    July 10, 2025
  • Falcon Finance Unlocks Real-World Asset Utility With First Live USDf Mint Using Tokenized Treasuries
    July 10, 2025
  • MBG Token Pre-Sale Set for July 15 – Only Seven Million Tokens Available at $0.35
    July 10, 2025
  • YZi Labs Invests in Aspecta To Pioneer Universal Price Discovery Infra for Trillion Illiquid Assets
    July 10, 2025
  • NovaEx Launches With a Security-First Crypto Trading Platform Offering Deep Liquidity and Institutional-Grade Infrastructure
    July 9, 2025
  • Threshold Network’s tBTC Is Now Live on Sui – Ushering In a New Era for Bitcoin DeFi
    July 9, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$115,972.07
$115,972.07
4.04%
Ethereum
$2,964.83
$2,964.83
6.73%
BNB
$686.43
$686.43
2.43%
Solana
$164.73
$164.73
4.5%
XRP
$2.55
$2.55
5.53%

Spotlight

  • Trader Issues Urgent Bitcoin Alert, Says BTC Indicator That’s Predicted Major Crashes Is Flashing Red – Here Are His Targets
    July 3, 2025
  • Standard Chartered Bank Hit With $2,700,000,000 Lawsuit Over Alleged Role in Malaysian Sovereign Wealth Fund Fraud
    July 3, 2025
  • Two Billion-Dollar Banks Suffer Data Breaches – Names, Social Security Numbers and Account Details of 1,890 People Impacted
    July 3, 2025
  • Medicare and Medicaid Data Breach Hits 103,000 Americans As Fraudulent Accounts Opened Using Victims’ Personally Identifiable Information
    July 3, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl