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

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

Bitcoin Wallet to Run Worlds Biggest Airdrop

The world’s most widely used wallet bitcoin wallet is giving away $125 million worth of the cryptocurrency Stellar to some 30 million people. The bitcoin wallet revealed that the initiative is to encourage the mainstream adoption and usage of the cryptocurrency Stellar Lumens (XLM). According to information from blockchain wallet, $25 will be offered free to up to 30 million users starting this week. This is so far the largest cryptocurrency giveaway in history.

The wallet company revealed that it is giving out free stellar lumens rather than other popular cryptocurrencies because the network can handle large-scale usage. Meanwhile, the Ethereum and bitcoin networks too can handle such transactions would be at risk of increase transaction processing fees for the entire network.

Anyone who would like to help from the free $25 per person airdrop must sign up for a Blockchain wallet and be willing to verify their identities. The first lot of users will receive their free tokens this week. The Stellar cryptocurrency became Blockchain’s first partner after launching its official Airdrops Guiding principles framework last month.

Jed McCaleb, the co-founder of the Stellar Development Foundation, believes airdrops can be a powerful tool when building the cryptocurrency ecosystem and boosting mainstream adoption.

We believe airdrops are central to creating a more inclusive digital economy,” he said. “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.

He says working with Blockchain will increase the availability and active use of lumens on its network. They can leverage their almost 30 million wallets. Moreover, this will increase the network’s utility by many orders of magnitude.

Moreover, CEO of Blockchain, Peter Smith explained what attracted his company to Stellar Saying,

We were looking for a protocol and network built for scalability with an active and rapidly growing ecosystem,” he said. “Stellar was a clear frontrunner, and we’re excited to be working with their world-class team.

As part of the airdrop, Blockchain is looking to partner with other enterprises. Including the non-profit fundraising software Network for Good, Stanford’s emerging tech initiative and the online computer science education system Code.org. Moreover, blockchain promises to release the details of these partnerships in the coming weeks.

Blockchain strives for aiding thousands of companies and personalities all over the world enabling them to kickstart on digital assets. Recently, with the leadership of Lightspeed Venture Partners and Google Ventures, the company successfully raised over $70 million in funding.

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