Crypto Firm Blockchain Announces $125 Million XLM Airdrop

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All-in-one crypto company Blockchain has announced what it claims to be the “largest crypto giveaway in history.”

As stated in the company’s blog post published November 6, Blockchain will be giving away nearly half a billion Stellar lumens (XLM) worth $125 million to wallet users who registered for the airdrop, with the first batch of tokens set to be distributed within the week, albeit the amount was not disclosed.

As the first partner for Blockchain’s airdrop program published in October, Stellar was chosen primarily for its “built for scalability” and its “active and growing ecosystem,” says Blockchain CEO Peter Smith. The slated airdrop, as Smith explained, is part of the company’s efforts to “users first” to provide them the opportunity to test, try, trade, and transact with new, trusted crypto assets in a safe and easy way.”

As Smith was cited as stating:

“Looking back at the last five years of crypto, one of my favourite things has been giving users their first $20 of crypto and watching them realize the power of a new financial system in their hand as they saw their first transaction. But you can only do this for so many people in that fashion. The genesis of this project was; how do we help millions of people make their first transaction?”

As part of the company’s initiative to catalyze the widespread adoption of its token, Blockchain is also working with Stanford d.school’s emerging tech initiative, code.org, as well as charity:water.

Highlighting the potential of airdrops, Stellar Development Foundation co-founder Jed McCaleb stated that it is the key to creating a “more inclusive digital economy,” adding that:

“Giving away lumens for free is an invitation to communities to design the services they need. By working with Blockchain to increase the availability and active use of lumens on the network, leveraging their almost [30 million] wallets, we will increase the network’s utility by many orders of magnitude.”