Japanese cryptocurrency exchange GMO has announced that it will compensate users who held XRP in 2020 with the equivalent value in Japanese Yen for Songbird (SGB) tokens. Each user will receive the Yen equivalent of 0.1511 SGB for every 1 XRP they held as of December 12, 2020.

Songbird is an experimental blockchain associated with the Flare Network. Originally, Flare aimed to be a decentralized finance (DeFi) platform utilizing XRP tokens, but it later transitioned into a layer 1 blockchain.

The distribution of Flare’s FLR and SGB airdrops was delayed due to Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC). FLR tokens were eventually distributed to XRP holders after a nearly two-year delay, while the distribution of SGB was further postponed.

However, some exchanges excluded XRP holders residing in Japan from the airdrop due to local regulations. GMO, as one of the few regulated exchanges in the country, has decided to compensate its users by issuing Songbird airdrops in Japanese Yen.

The eligibility criteria for receiving this compensation are users who held physical Ripple XRP in their GMO accounts as of 9:00 on Saturday, December 12, 2020. The quantity of Yen compensation will be determined based on a snapshot of Ripple XRP converted into Japanese Yen using GMO’s arbitrary method and time.

GMO has stated that it will distribute the Yen equivalent to users’ accounts by September 29, 2023.