According to a press release, Bitrue, a leading cryptocurrency exchange, has announced that they will facilitate EXFI token distribution to users who hold Songbird SGB. EXFI Token will be used to make protocol decisions, NFT auctions, yield farming, and other things. It is the ExFi platform’s native token.
During the announcement, Bitrue’s Chief Marketing Officer, Adam O’Neill, stated:
We are excited to continue finding ways to add value to our community and meet their expectations after being the first exchange in the world to support Songbird distribution and trading. We are delighted to lend our support to EXFI and Flare Finance, and our community has been vocal in its support for their new and innovative services.
Using the Songbird and Spark tokens, Flare Finance is creating a diverse set of DeFi services. Flare Networks designed these. Flare Finance’s CEO, CryptoFrenchie, stated:
We’re thrilled to have Bitrue on board to support Flare Finance and the EXFI token. For many years, they have been the leading exchange supporting the Ripple (XRP/USD) ledger as well as a variety of new projects such as Songbird SGB. The enthusiastic support from their community will go a long way toward ensuring that the launch of our first token is a resounding success.
On November 5th, at 17:00 UTC, a snapshot will be taken. The amount of SGB held by each individual user will be proportional to the amount of EXFI received. Larger holders will be rewarded more. Flare Finance’s DFLR token will be distributed based on the user’s Spark holdings and will be available at a later date. Bitrue will also support that token.
Bitrue, which debuted in July 2018, is a diversified cryptocurrency exchange that supports trading, loans, and investments. Bitrue intends to use blockchain technology to provide financial opportunities to everyone, regardless of location or financial situation. They have offices all over the world and are constantly developing new features to fully service the new wave of the digital economy.