Stellar And Blockchain To Hold The Largest $125 Million Airdrop
The Stellar startup is preparing to hold the “largest airdrop in cryptocurrency history” and distribute a large quantity of the XLM tokens worth $125 million. The free coins will be sent to the owners of the wallets developed by Blockchain, The Block reports.
The partners expect to distribute 2.6% of the total XLM turnover, which is more than 490 million coins, each per $0.26. The Stellar cryptocurrency is ranked sixth by market capitalization, and is ahead of Litecoin, Monero, and Tether, according to CoinMarketCap as of November 7.
The companies announced the airdrop on Tuesday, November 6, and the first giveaway will take place within a week. The first half of the tokens will be sent to the users who submitted a request on the site. The rest will be distributed among the participants of various programs. Blockchain does not mention how many tokens each wallet will receive.
Airdrop is designed to expand the customer base and popularize the product. However, Peter Smith, the Blockchain head, is confident that primarily, such a move shows care to customers and allows them to try crypto assets safely before purchasing.
In autumn of 2018, Blockchain decided to help cryptocurrency startups hold airdrop campaigns. The collaboration with Stellar became the first such project — the startup was chosen because of its “actively growing ecosystem” and the ability to scale.
Blockchain is one of the most well-known providers of crypto wallets, serving more than 30 million users. The company has recently released its first hardware wallet.