Friday, 16 November, 2018

Bitcoin Wallet to Distribute Stellar Lumens Worth $125M to 30M Users

Heres-How-to-Prepare-for-125-Million-Stellar-XLM-Airdrop-for-Blockchain-Wallet-Users Blockchain Announces $125 Million 'Airdrop' of Stellar Cryptocurrency
Priscilla Morrison | 09 November, 2018, 16:48

While $125 million worth of Stellar Lumens (about 500 million XLM tokens at today's price of $0.25) may seem like a lot to be given away, in the big scheme of things, it's not.

This airdrop will put the Stellar name and technology in front of Blockchain's 30 million account holders, and will bring many new users into our ecosystem.

Blockchain also said that the main benefit of crypto airdrops for consumers is that they are able to "test, trade, and transact" unfamiliar crypto assets without having to mine or invest first. Blockchain.com now has 30 million wallet users in over 140 countries.

Announced on the 6th of November, the Stellar Foundation is planning the biggest airdrop in cryptocurrency history thus far.

Editor's note: Following the publication of this story, a representative for Blockchain clarified that IBM is not part of the airdrop project as was originally stated in press statements. 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.

More news: Samsung Developers Conference 2018: Everything You Need to Know

In a blog post, the company said it added full support for XLM because its network is built for scalability and it enables quick, low cost, worldwide transactions, even when millions of people are using it at once.

The world's sixth largest cryptocurrency according to rankings from coinmarketcap has joined Bitcoin, Ethereum and Bitcoin cash to become the fourth cryptocurrency listed on UK's Blockchain.com wallet.

Stellar is now the sixth largest cryptocurrency with a market cap of around $5 billion. There has been a significant uptick in the Stellar graph since the announcement was made. The bitcoin wallet revealed that the initiative is to encourage the mainstream adoption and usage of the cryptocurrency Stellar Lumens (XLM). It is also partnering with charity: water to make donations in support of their mission.

Stellar co-founder Jed McCaleb, who also co-founded the Mt. Gox Bitcoin (BTC) exchange, said the distribution of XLM tokens creates "a more inclusive economy".

"Giving away lumens for free is an invitation to communities to design the services they need", McCaleb continued. 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 nearly 30 million wallets, we will increase the network's utility by many orders of magnitude".

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