Blockchain Wallet Provider Airdropping $125 Million In Stellar Lumens

- Advertisement -

November 6, 2018 11:26 PM

Call it a gift to the cryptospace.

Peter Smith, CEO and co-founder of the company and wallet service Blockchain, today announced a crypto giveaway to the tune of $125 million worth of Stellar lumens (XLM). Smith said the airdrop is in celebration of the company “adding full support for XLM in the Blockchain Wallet.”

The giveaway is part of the company’s Blockchain Airdrops program, announced last month as an effort to promote decentralization and adoption across cryptocurrency networks. The team believes that airdrops “serve a discovery function,” allowing individuals to learn about new crypto-assets and participate within different networks.

Smith noted that Blockchain is starting its airdrop program with Stellar because of the network’s scalability, low-cost transactions around the world, and overall healthy ecosystem, among other reasons. Further, the company is collaborating with various institutions on the airdrop, such as Stanford’s design institute (or d.school), educational platform Code.org, and software company Network for Good.

According to Smith, the Stellar giveaway will be the largest airdrop in crypto history. Those who sign up and have their identity verified will receive $25 in XLM, until the $125 million is depleted. There is currently a waitlist to join.

- Advertisement -

Airdrops are a popular tool within the blockchain and crypto community. Giving away money is by no means a new economic concept, but in the world of crypto – where there are coins for everything from veganism and the LGBTQ+ community to doges and Japanese cats – the network effect becomes especially relevant.

It makes sense to offer millions in XLM when the cryptocurrency trails behind the likes of bitcoin, Ether, Ripple, and other coins, according to data from CoinMarketCap. Stellar, the thinking goes, will be more successful with more users. $125 million might as well be petty cash in terms of Stellar’s long-term business goals.

Daniel Putney is a full-time writer for ETHNews. He received his bachelor’s degree in English writing from the University of Nevada, Reno, where he also studied journalism and queer theory. In his free time, he writes poetry, plays the piano, and fangirls over fictional characters. He lives with his partner, three dogs, and two cats in the middle of nowhere, Nevada.

- Advertisement -

Like what you read? Follow us on X @Bitnewsbot to receive the latest Stellar, XLM or other Ethereum wallets and exchanges news.



Previous Articles:

- Advertisement -

Latest News

Bitcoin Risks $2.67B in Longs if Price Falls Below $108K Level

Bitcoin's price approaches its all-time high, with traders watching for signs of a breakout...

CrowdStrike Stock Hits Record High After Analysts Hike Price Target

CrowdStrike Holdings (CRWD) stock reached an all-time high with a gain of more than...

Amber International Raises $25.5M to Grow $100M Crypto Reserve Fund

Amber International Holding raised $25.5 million in a private placement to expand its $100...

Traders Flock to Hyperliquid Apps Amid Hopes for Airdrop Rewards

Investors are moving millions into projects on the Hyperliquid blockchain in hopes of future...

Bank of Russia Rules Out Cryptocurrency Investments, Cites Risks

The Bank of Russia will not invest in cryptocurrencies.The central bank sees cryptocurrencies as...

Must Read

What Is Bcrypt Password Hashing Function?

KEY TAKEAWAYSBcrypt is a password hashing function that transforms plain passwords into unique alphanumeric sequences.It is a one-way process, ensuring that passwords cannot be...