Blockchain, the Luxembourg-based firm, has partnered with Stellar to conduct an airdrop for their wallet users. $125 million worth of XLM tokens will be given away for free.
Stellar Lumens Airdrop
Blockchain, one of the oldest cryptocurrency firms and the creators of the wallet with the same name, has partnered with Stellar Development Foundation for conducting an airdrop of Stellar Lumens (XLM). As part of the airdrop, tokens worth $125 million will be distributed to the users of the blockchain wallet.
An airdrop is a marketing strategy adopted generally by blockchain start-ups to gain attention and new users by distributing cryptocurrencies or tokens for free to a large number of users.
The firm has announced the details of the airdrop on its official website. The mutually beneficial exercise will help increase the users for both firms.
Stellar Lumens is among the top six cryptocurrencies and currently commands a market capitalization of over $4.92 billion. XLM is designed for financial transactions and facilitates instant and low-cost money transfers across the globe. At the time of writing, the price of XLM is hovering over $0.25.
The Intent Behind the Airdrop
The announcement, elaborating on the purpose behind the token distribution, says:
At Blockchain, we’re passionate about connecting the world to crypto and helping our users interact with crypto assets safely and easily. The first step to becoming an active participant in the crypto ecosystem is getting a crypto asset. By offering XLM to our users for free, we hope to help build a bigger community of crypto users.
Both firms are taking aggressive steps towards increasing their footprint. Blockchain had recently partnered with Ledger, the hardware wallet manufacturer, to launch a hardware wallet.
Last month, Live Bitcoin News had also reported about real estate firm Collier International’s intention to use a Stellar-based tokenization platform, Smartlands, to securitize properties.
How to Grab the Free XLM Coins
Participants interested in taking part in the XLM airdrop need to have a Blockchain wallet. As the next step, they need to join the waiting list by registering with their email address on the Blockchain website.
Blockchain will send an email to the waitlisted participants with further instructions. Verification of identity is mandatory to claim the free tokens. However, users can continue to use the wallet without the verification.
Verified users will receive XLM worth $25. The announcement further says:
This is just the beginning. By verifying your identity, you will be automatically entered into additional giveaways.
The joint airdrop by Blockchain and Stellar seems to be a well-thought-out strategy to increase the users of the wallet as well as the XLM token. It’s also a great way to entice people to enter the ecosystem for the first time.
Would you like to participate in the XLM airdrop? Let us know in the comments below.
Images courtesy of Wikimedia Commons and Shutterstock.
