Wallet Company Blockchain Plans $125M Airdrop of Stellar to Boost Mainstream Adoption

Wallet Company Blockchain Plans $125M Airdrop of Stellar to Boost Mainstream Adoption

Crypto wallet company ‘Blockchain‘ announced Nov. 6 that it would distribute $125M in Stellar XLM cryptocurrency to its users “to build on the crypto revolution.”

The Largest Crypto Giveaway Ever?

The wallet maker has partnered with the Stellar Development Foundation to distribute the funds and is claiming this to be the largest giveaway in crypto’s history. The first batch of recipients will be getting their XLM this week, according to TechCrunch.

In an effort to increase mainstream adoption, they say, Stellar is giving its XLR away for free to people that sign up for it via their website, which states:

“The first step to becoming an active participant in the crypto ecosystem is getting a crypto asset. By offering XLM to our users for free, we hope to help build a bigger community of crypto users.”

To get their free XLM, users must have a Blockchain wallet. Once they sign up, they’ll get an email when their time comes to claim their share of the cryptocurrency giveaway. Users will also be required to verify their identity to prevent multiple disbursements to the same person. Once their identity is verified, each user will get $25 worth of XLM crypto.

Stellar’s network takes aim at the marketplace of global financial transactions, seeking to make them easier and more seamless. XLM currently sits at $.26USD, with a market cap of almost $5BN. This airdrop marks the XLM’s addition to Blockchain as the wallet’s fourth supported cryptocurrency alongside Bitcoin, Bitcoin Cash, and Ethereum.

Regarding the decision to airdrop so much of his company’s crypto, Stellar co-founder Jed McCaleb said:

“Our hope is to eventually have global citizens own and use lumens, in both developing and developed economies. By working with Blockchain to increase the availability and active use of lumens on the network, leveraging their almost 30m wallets, we will increase the network’s utility by many orders of magnitude.”

More News on Partnerships to Come

Blockchain stated that it also has plans to partner with several charitable organizations as part of this airdrop, including Stanford’s d.school, Charity: water, Code.org, and Network for Good. The wallet maker said it chose these companies to partner with because they “share our vision for using this transformational technology,” and will be donating to Charity: water.

Blockchain said more details on these partnerships would be revealed in the coming weeks, and Stanford d.school’s Director of Teaching and Learning Carissa Carter stated:

“The strength of any network is derived from innovation. We are excited to join Blockchain on this airdrop to empower some of the most brilliant and creative minds to start experimenting and building on Stellar’s network.”

Stellar | XLM

Updated: Nov 7 at 2:15 am UTC

Stellar, currently ranked #11 by market cap, is down 1.64% over the past 24 hours. XLM has a market cap of $1.3B with a 24 hour volume of $301.44M.

Chart by CryptoCompare

Stellar is down 1.64% over the past 24 hours.

Cover Photo by Alex Pham on Pexels

Posted In: , Adoption, Altcoins, Price Watch
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John Bogna

John Bogna is a freelance writer and journalist with seven years of experience covering everything from arts to tech.

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