Online broker eToro today provided an update on the SGB matter.

eToro confirms that it has received the SongBird tokens from Flare and is holding them in secure cold storage on behalf of all eligible users. Based on a snapshot of $XRP holders taken by Flare in December 2020, a number of eToro users are eligible to receive Songbird tokens.

According to the XRP:SGB conversion rate used by Flare, users who still meet the eligibility requirements have been determined by Flare to be entitled to 0.1511 SGB for every 1 XRP held during the snapshot.

Eligible users will be informed individually by Friday, December 10, 2021 via email. For more information about the eligibility criteria, please see this blog post.

When determining whether to list a token, eToro performs an assessment of regulatory risks and other factors such as whether liquidity in the market can support trading. Based on this assessment, eToro will not listing SongBird for the time being.

The broker says it will continue to hold all the SGB tokens in cold storage and will monitor developments and the liquidity of SGB in an effort to determine when and how the tokens or their equivalent value in USD can be distributed from cold storage.


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