Table of Contents
- Songbird FAQ:
- Q: Will the Songbird token appear on my dashboard the same way the Spark token is displayed?
- Q: Will I be able to delegate my Songbird from within my iTrustCapital IRA?
- Q: Does the Songbird token have a similar distribution schedule as Spark token?
- Q: Are we able to transfer over our SGB tokens that we have received on exchanges into iTrust?
- Q: When will we be able to take Distribution of our SGB tokens?
- Q: Can I buy/sell Songbird tokens using the iTrust platform?
In our previous communication regarding the Spark token airdrop, we mentioned that we would keep an open mind pertaining to related tokens. With that said, we want to provide an update on Songbird (SGB). We are happy to announce that we have received the SongBird tokens, and our team is working on building the integration onto our platform so that clients can view their balances on their dashboards and take distributions.
At this time, SGB will not be eligible for self-trading in your iTrustCapital IRA.
Q: Will the Songbird token appear on my dashboard the same way the Spark token is displayed?
A: Yes, we will be making this update to eligible dashboards soon!
Q: Will I be able to delegate my Songbird from within my iTrustCapital IRA?
A: Clients will not be able to delegate their SGB. Clients wishing to do so will need to take a distribution or an in-kind transfer out to another eligible IRA provider.
Q: Does the Songbird token have a similar distribution schedule as Spark token?
A: SGB has a different distribution schedule. 100% of SGB tokens were airdropped, whereas the Spark token airdrop has a schedule of 15% initially, followed by 3% every month for the proceeding 25-34 months.
Q: Are we able to transfer over our SGB tokens that we have received on exchanges into iTrust?
A: No, the IRS only allows a new contribution to an IRA to be in USD. However, iTrustCapital may be able to support in-kind transfers of SGB in the future. If and when that happens, we'll let you know.
Q: When will we be able to take Distribution of our SGB tokens?
A: We are actively working on implementing this function and will alert everyone once it is ready.
Q: Can I buy/sell Songbird tokens using the iTrust platform?
A: Not right now. This depends on whether the third party liquidity providers and custodians iTrust works with are able to support it, among other factors.
Please check out our Spark Token FAQ for answers to even more key questions on this topic.
This article is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.
iTrustCapital is a cryptocurrency IRA software platform. It is not an exchange, funding portal, custodian, trust company, licensed broker, dealer, broker-dealer, investment advisor, investment manager, or adviser in the United States or elsewhere. iTrustCapital is not affiliated with and does not endorse any particular cryptocurrency, precious metal, or investment strategy.
Cryptocurrencies are a speculative investment with risk of loss. Precious metals are a speculative investment with risk of loss. Cryptocurrency is not legal tender backed by the United States government, nor is it subject to Federal Deposit Insurance Corporation (“FDIC”) insurance or protections. Clients do not receive a choice of custody partner. The self-directed purchase and sale of cryptocurrency through a cryptocurrency IRA have not been endorsed by the IRS or any regulatory agency. Historical performance is no guarantee of future results.
Some taxes and conditions may apply depending on the type of IRA account. Investors assume the risk of all purchase and sale decisions. iTrustCapital makes no guarantee or representation regarding investors’ ability to profit from any transaction or the tax implications of any transaction. iTrustCapital does not provide legal, investment or tax advice. Consult a qualified legal, investment, or tax professional.
iTrustCapital makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) or omissions from the information contained herein. iTrustCapital disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this information, which is provided as is, without warranties.
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