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Blockchain Plans To 'Airdrop' $125 Mln Of Stellar Cryptocurrency


Blockchain, a cryptocurrency wallet provider, plans to distribute around $125 million worth of Stellar lumens to its users, as part of efforts to drive mainstream adoption of the crypto.

In the giveaway, termed "airdrop", perhaps the largest of its kind, Blockchain has joined with Stellar Development Foundation to hand over the coins. Each recipients will get about $25 worth of the cryptocurrency commonly known as Stellar, currently the sixth largest cryptocurrency with a market cap of around $5 billion.

In a statement, Blockchain noted that the offer is accessible to anyone with a Blockchain Wallet, and the first batch of recipients will receive their lumens, Stellar's native digital currency, this week - for free.

Blockchain CEO Peter Smith described further details of the airdrop at the Web Summit event in Portugal.

Blockchain is not paying anything for the arrangement, rather Stellar is using its platform as a vehicle to distribute the lumen currency.

Smith expects the distribution process to take place over a period of several months. The existing Blockchain wallet holders will get priority in the distribution.

Jed McCaleb, co-founder of Stellar Development Foundation, 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."

As part of the airdrop, Blockchain is also partnering with various organizations to further the adoption of lumens.

Blockchain launched its Airdrops Guiding Principles framework in October 2018.

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