Upbit, a major cryptocurrency exchange based in South Korea, has recently announced that it will be supporting XRP and SOLO token holders by issuing tens of millions of xCORE tokens.
This move is set to take place on March 24th, with a total issuance of 50 million tokens to be distributed equally between XRP and SOLO holders.
To be eligible for the xCORE token release, holders must have coins in their wallet at the time of the “snapshot”, which will be taken just before the event.
Upbit will also be suspending deposits and withdrawals of XRP and SOLO two hours before the snapshot to ensure a fair distribution of the tokens.
xCORE tokens are option tokens with a strike price of $10 each, meaning that they can be exercised like an option on the stock market if the price exceeds $10 within the specified period. If not, the tokens will self-destruct.
The xCORE token is native to the Coreum Network’s first-level blockchain and was created by the Sologenic Development Fund to support the operation of Sologenic, which the XRP registry cannot do.
Holders of XRP or SOLO at the time of the snapshot will receive 50 million xCORE tokens, which can be exchanged for CORE tokens if their value exceeds $10 for a period of 10 days. If not, the options will expire in 2025 on March 24 at 7 am Moscow time.
It’s worth noting that since the start of March, individual token and coin prices have been rapidly increasing.
For example, the course of the Djed stablecoin even surpassed its competitor, the USDT stablecoin, at one point.