Crypto Wallet Blockchain Unveils Support for Stellar (XLM), $125M Airdrop
Digital wallet provider Blockchain is launching “the largest airdrop in the history of crypto,” giving away nearly half a billion XLM tokens.
Crypto wallet provider Blockchain said in a blog post on Tuesday it had added support for Stellar Lumens (XLM). To scale the altcoin’s adoption, the company will distribute $125 million worth of XLM, or nearly half a billion tokens, to its user base.
Described by Blockchain as the “the largest airdrop in the history of crypto and likely the largest consumer giveaway ever,” the offer will see the first batch of tokens reaching users this week.
The amount of XLM to be distributed to each wallet was not disclosed. However, Blockchain has reportedly revealed to Fortune that every recipient will get about $25 worth of XLM. The publication quoted CEO Peter Smith as saying that the airdrop will take place over several months and the amount Stellar users receive will vary somewhat based on geography.
“Why are we doing this? We’ve already shared our thoughts on how Blockchain Airdrops are a great way for crypto creators to drive decentralization and adoption for new networks. We think they’re great for crypto users too. They let you test, trade, and transact with the next generation of crypto assets without having to buy them or mine them,” Blockchain said in its post.
Stellar joins Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) on Blockchain’s list of supported currencies. The company explained the rationale for its latest addition, pointing out the token’s scalability:
“XLM enables quick, low cost, worldwide transactions, even when millions of people are using it at once. Stellar can even create custom tokens representing real-world or virtual goods and services. Lastly, Stellar has a world class development community and a vibrant, functioning ecosystem.”
Citing similar reasons, US-based blockchain security company BitGo also launched support for Stellar last month. XLM is currently the sixth largest cryptocurrency, with a market capitalization of around $4.9 billion. At the time of writing, it was trading 6.59% higher at $0.259.