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Blockchain Wallet Announces Biggest Ever Stellar Lumens (XLM) Giveaway

09 November 2018

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At the moment, Blockchain has chosen not to disclose the amount of XLM to be given away during each airdrop.

Stellar is pairing with Blockchain, the world's leading bitcoin wallet, to airdrop each KYC-verified Blockchain wallet holder 100XLM (worth around $25).

Blockchain Wallet is a popular name when it comes to cryptocurrency wallets.

CEO of Blockchain Peter Smith explained what attracted his company to Stellar. The first batch of recipients will receive tokens within the week.

Blockchain is of the opinion that airdrops have an incredibly wide reach and can assist with boosting cryptocurrency adoption and empowering those who lack access to traditional banking services.

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Blockchain.com pitched the mammoth offering as "the largest airdrop in the history of crypto and likely the largest consumer giveaway ever", suggesting that airdrops are "a great way to drive decentralization and adoption for new networks".

Stellar is the brainchild of Jed McCaleb, a famous figure in the crypto world, known for his role in creating the cryptocurrency company Ripple, as well as the now-defunct online exchange Mt. Gox. The currency was cofounded by Jed McCaleb, also the founder of Mt. Gox and co-founder of Ripple network, In 2014 McCaleb started Stellar as a crypto-powered platform meant to make cross-currency and cross-border money transfers easier and cheaper.

In a statement, McCaleb described the arrangement this way: "We believe that airdrops are central to creating a more inclusive digital economy". Blockchain said that it isn't investing anything for this arrangement, rather that Stellar is utilizing its platform as a vehicle to distribute the lumen currency. We've been approached by a lot of projects. But you can only do this for so many people in that fashion.

Smith added that the by performing the airdrop, Blockchain would give its customers more utility by way of introducing "high-quality coins", in this case, Stellar Lumens. The company also expects the giveaway will accelerate growth in its wallet downloads.

Smith added that it is not unusual for startups to offer users incentives to use their products. PayPal co-founder Elon Musk has said the company spent as much as $70m on referral fees in its early years.

According to CoinMarketCap, Stellar is the sixth cryptocurrency with a market capitalization of about 5 billion dollars and showing a 6% increase in value in November alone.

Blockchain Wallet Announces Biggest Ever Stellar Lumens (XLM) Giveaway