Bitvavo, the largest exchange based in the Netherlands, has added support for Flare (FLR), sparking a reaction from the XRP community.
The Flare Network community, which largely comprises XRP holders who received the token as airdrops last year, has witnessed a pivotal development that could help bolster adoption and demand for the FLR token.
Bitvavo Lists Flare
Bitvavo, one of the leading global exchanges and the largest Dutch crypto exchange, recently revealed that it has added support for FLR. The listing, which occurred on March 27, also involved three other crypto assets, Wrapped BTC (WBTC), Big Time (BIGTIME), and MANTRA (OM).
Bitvavo boasts multiple attractive features to make trading convenient for Dutch-based Flare proponents. According to the exchange, it integrates robust wallet security, legal compliance with Dutch authorities and minimal trading fees between 0% and 0.25%.
Data from the Bitvavo platform confirms that the exchange now supports FLR trading, as the token joins over 224 crypto assets already hosted on the platform for its customer base of over 1 million users. Notably, the only trading avenue for interested parties is the FLR/EUR pair.
Interestingly, a recent report revealed that more than 1.5 million European trade crypto a day, confirming the growing allure of digital assets in the region. Less than two days after the listing, Bitvavo now commands 2.43% of the global FLR 24-hour trading volume, currently sitting at $329K.
FLR Sees Growing Attention
Flare began trading last January following the airdrop to XRP holders, with multiple exchanges supporting the distribution event and the subsequent trading of the token, including Uphold.
However, it was not until April before America’s largest exchange Coinbase listed the crypto asset. In addition, Binance.US, the U.S.-based sister exchange to Binance, only supported the token distribution event last October.
The recent support from Bitvavo underscores the global attention the token has continued to command. The XRP community has responded well to the news. Wietse Wind, founder of XRPL Labs, the team behind Xaman, spotlighted the development, dubbing Bitvavo the biggest exchange in the Netherlands.
👀 @FlareNetworks at the biggest Dutch exchange 💪🏾 https://t.co/2XuX4uBabO
— WietseWind (🪝🛠 Xaman @XRPLLabs) (@WietseWind) March 29, 2024
Notably, the listing comes at a time when Flare is experiencing consolidation. The token currently trades for $0.0349, up 0.52% over the last 24 hours. FLR spiked to a new ATH of $0.053 last month shortly after Google Cloud became a Flare infrastructure provider.
FLR commands a 24-hour volume of $11.6 million, with crypto exchange Gate.io making up 20% of this figure. OKX, Coinbase and Bybit respectively account for 16.34%, 8.30% and 5.21% of this trading volume.