CEO of cryptocurrency wallet provider Blockchain, Peter Smith recently announced a major $125 Million worth airdrop of Stellar Lumens. The information was passed by Smith during a recent interview, yesterday on November 6.
The major airdrop will reportedly distribute XLM to Blockchain’s millions of users. Each user will hence receive about $25 worth of the cryptocurrency.
The company’s official statement reads: “accessible to anyone with a Blockchain Wallet. The first batch of recipients will receive their Lumens, Stellar’s native digital currency this week – for free”.
As commented by Peter Smith, Blockchain is working with Stellar mainly due to the CEO’s belief that “it represents a superior blockchain capable of massive transaction volumes”. He went on stating that “Stellar is the brainchild of Jed McCaleb, a famous figure in the crypto world, known for his role in creating the cryptocurrency company Ripple, as well as the now-defunct online exchange Mt. Gox”.
In addition, the official message by Blockchain informed that they do not pay for the recent major arrangement of the airdrop. Instead Stellar is reportedly using its platform as a “vehicle” to distribute their XLM.
According to Smith the process of distribution will take up to several months. In addition, the amount of Stellar that users will receive is based on their geography. “Existing Blockchain wallet holders will get priority in the distribution, and that the company is reserving the right to modify the terms of the arrangement going forward”, added Smith.
From Stellar’s side, McCaleb provided official comments on the recent arrangement. The statement reads: “we believe that 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, leveraging their almost 30m wallets, we will increase the network’s utility by many orders of magnitude”.