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

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

Photo by Alex Pham on Pexels

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

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 cryptoโ€™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:

โ€œThe 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.โ€

To get their free XLM, users must have a Blockchain wallet. Once they sign up, theyโ€™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.

Stellarโ€™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 XLMโ€™s addition to Blockchain as the walletโ€™s fourth supported cryptocurrency alongside Bitcoin, Bitcoin Cash, and Ethereum.

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

โ€œOur 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 networkโ€™s utility by many orders of magnitude.โ€

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 Stanfordโ€™s d.school, Charity: water, Code.org, and Network for Good. The wallet maker said it chose these companies to partner with because they โ€œshare our vision for using this transformational technology,โ€ and will be donating to Charity: water.

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

โ€œThe 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 Stellarโ€™s network.โ€

Stellar Market Data

At the time of press 2:15 am UTC on Nov. 7, 2019, Stellar is ranked #11 by market cap and the price is down 1.64% over the past 24 hours. Stellar has a market capitalization of $1.3 billion with a 24-hour trading volume of $301.44 million. Learn more about Stellar ›

Stellar

2:15 am UTC on Nov. 7, 2019

$0.06

-1.64%
Crypto Market Summary

At the time of press 2:15 am UTC on Nov. 7, 2019, the total crypto market is valued at at $246.52 billion with a 24-hour volume of $100.62 billion. Bitcoin dominance is currently at 67.67%. Learn more about the crypto market ›

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