Blockchain, a company that providers Bitcoin wallets is set to launch a Stellar (XLM) airdrop. The company intends to give out $125m in XLM to all the participants of the airdrop. This event will mark the biggest cryptocurrency airdrop in history. The announcement was made during the Lisbon Web Summit on Tuesday by the CEO of the company, Peter Smith. Everyone within the 30 million customer base of the company will be entitled to tokens as long as they participate in the airdrop with verified wallets.
Stellar (XLM) Price Today – XLM / USD
Blockchain, as a company, offers retail investors digital wallets on a global scale. The giveaway is going to last for six months. The tokens that will be used for the airdrop will be provided by the Stellar Development Foundation. This is a nonprofit organization that was created to promote Stellar Lumens (XLM). The giveaway, is called a cryptocurrency airdrop. It is the process of giving out cryptocurrencies to customers with different online wallets free of charge in a bid to promote the project. The idea is to speed up the adoption of XLM according to Peter Smith.
During an interview, McCaleb said:
“We believe these airdrops are key to creating a digital economy that is more inclusive. By giving out free XLM, we are inviting people to use the platform”.
Already, Stellar is among the top ten cryptocurrencies in the world. It has a market value of almost $5 billion and a daily turnaround of about $50 million. According to Smith, the company is yet to invest in Stellar. The company, however, ordered the instigation of a trading blackout when it started discussing a partnership with Stellar. The blackout was stopped on Tuesday. In Smith’s words:
“The Stellar team is mission driven. Their main goal is to promote the adoption of their blockchain. We, at Blockchain, have tried out many projects. We are working on about 40 projects for now. We have interest in Stellar because we believe in its mission. We are committed to creating a controlled and community driven financial system”.
Smith said that by promoting Stellar and introducing high quality coins, the company was giving its clients more utility. The company also intends to increase wallet downloads through the giveaway. Some critics in the industry have said that the airdrop was Stellar’s way of paying people to use its blockchain. Smith rejected the claim and said:
“People use the platform for different reasons. It might be because they want more utility or just because they enjoy it”.
Smith said that giving out incentives is not unusual for a startup. He talked about how PayPal paid over $70 million to users in referral fees to encourage users. He continued:
“Offering users incentives to use their platform worked for PayPal. So, this is practically the same thing when you put inflation into account”.
Stellar (XLM) Price Analysis
Main while, the airdrop seems to have had a positive effect on the price of XLM. The token is currently trading in green at $0.256670. This shows that it is up by 1.67% against the USD and up by 0.16% against Bitcoin. The 24 hour trading volume is $96,782,388 and the total market capitalization is $4,865,608,810.