Blockchain, the Luxembourg-based company offering a wallet service, is about to go down in history as one of the most generous cryptocurrency firms in the world. The company announced plans of what is touted to be the largest airdrop in crypto history, giving away $125 million in coins to its loyal clientele.

Blockchain’s $125M Stellar Airdrop

In a company post dated November 6, 2018, Blockchain announced that it is giving $125 million of Stellar lumens (XLM) to existing users of its wallet for free. The company said that the airdrop is also to celebrate the addition of full support for XLM in its wallet.

The $125 million of Stellar will be distributed to users of the Blockchain wallet, which now number around 30 million. During the distribution, users will receive around $25 worth of cryptos each, according to a Fortune report.

Blockchain announced in its post:

“Starting today, in celebration of adding full support for XLM in the Blockchain Wallet, we’ll begin giving away $125,000,000 of Stellar (XLM) to YOU, our users. With nearly 30M Blockchain Wallets to date, we’re excited to add an entirely new way for users to get their first crypto.”

Recommended Reading

Largest Airdrop Ever

What’s noteworthy is that the $125 million Stellar lumens airdrop is actually the largest in crypto history. Blockchain says it is not keeping any XLM for itself just as it never charges any listing fee to those who want to join the platform.

The company wrote:

“And just as Blockchain never charges listing fees to join our platform, we aren’t keeping a single XLM for ourselves. We’re giving them all away. That’s a lot of 0s to distribute. In fact, this is the largest airdrop in the history of crypto and likely the largest consumer giveaway ever.”

However, the money won’t be actually coming from Blockchains’ pockets, according to Fortune. Stellar is simply using Blockchain’s platform to distribute its crypto.

Airdrops as Invitations to Communities

Stellar explains that giving away some cryptocurrency is an essential step for the digital coin to reach its intended users. According to Stellar Development Foundation co-founder Jed McCaleb, one can think of an airdrop as an invitation to the community to develop the services based around the token.

McCaleb told TechCrunch that:

“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens [XLM] for free is an invitation to communities to design the services they need. Our hope is to eventually have global citizens own and use lumens, in both developing and developed economies.”

Of course, working with Blockchain has its perks. The wallet is one of the largest in the world and doing the airdrop on the platform means that it Stellar will be able to reach the wallet’s of millions of users instantly.

McCaleb added:

“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.”

Follow us on Telegram | Twitter | Facebook

Featured Images are from Shutterstock.

Blokt is a leading independent cryptocurrency news outlet that maintains the highest possible professional and ethical journalistic standards.


Please enter your comment!
Please enter your name here