Blockchain Wallet, a cryptocurrency wallet that supports three coins – Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) – has now added its fourth asset, Stellar Lumens (XLM). To introduce the cryptocurrency, Blockchain is partnering with the Stellar Development Foundation to launch the largest airdrop in the history of crypto. Roughly $125 million worth of XLM will land in users’ wallets.
Airdrops are massive online cryptocurrency events primarily deployed by blockchain developers as promotional tools to jumpstart a user base. The coin being airdropped spontaneously appears in hundreds and thousands, if not millions of users’ wallets for free – no charges, no fees, no paperwork – stoking curiosity and, hopefully, adoption.
Airdrops are often executed through cryptocurrency exchanges and leading crypto platforms that can distribute coins to large numbers of individual wallets. There are currently roughly 30 million Blockchain Wallets, with users in over 140 countries. The Blockchain-Stellar airdrop launches this week.
Jed McCaleb, co-founder of the Stellar Development Foundation, believes the multi-million dollar airdrop can boost adoption and stimulate the crypto economy.
“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.”
Blockchain CEO Peter Smith chose Stellar because of its technical strengths.
“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.”
Stellar is Blockchain’s first airdrop partner since publishing their “Airdrop Guiding Principles” in October.