Popular Crypto Wallet ‘Blockchain’ to Add Support for Stellar and Airdrop $125 Million Worth XLM Tokens

Blockchain, one of the most popular cryptocurrency wallet provider, said that it is now planning for the “largest crypto giveaway in history.” The Blockchain Wallet which currently supports three crypto tokens - Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) - is now planning for the fourth offering of Stellar Lumens (XLM).

The Blockchain Wallet announced that it will distribute nearly half-billion XLM token worth $125 million to its wallet holders who sign up for the airdrop. According to the announcement this Tuesday, the first batch of recipients will get to see tokens arriving in their wallets in a week’s time. Moreover, the firm didn’t disclose the amount of XLM to be dropped in each wallet.

Just last month, Blockchain announced regarding its airdrop program and its guiding framework. Stellar Lumens (XLM) will be the first partner for this program. Peter Smith, CEO of the Blockchain Wallet said that the reason to choose Stellar was  its "built for scalability" and has "an active and growing ecosystem.”

Smith further added: “We’re starting with Stellar because its network is built for scalability. Its token, XLM, enables quick, low cost, worldwide transactions, even when millions of people are using it at once. Stellar can even create custom tokens representing real-world or virtual goods and services. Lastly, Stellar has a world class development community and a vibrant, functioning ecosystem.”

Airdrops are crypto events used by the blockchain developers as promotional tools to kickstart a user base. Co-founder of the Stellar Development Foundation, Jed McCaleb believes that a multi-million dollar worth airdrop can boost crypto adoption and also trigger the crypto economy.

He added: “We believe 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. By working with Blockchain to increase the availability and active use of lumens on the network and leveraging their almost 30 million wallets, we will increase the network’s utility by many orders of magnitude.”