Peter Smith, CEO of Blockchain one of the world’s biggest cryptocurrency wallets on Tuesday announced the biggest giveaway ever in a bid to increase adoption of cryptocurrencies on a global scale.
Smith, who made the announcement at the Web Summit in Lisbon, said Blockchain and Stellar Development Foundation will distribute $125 million worth of Stellar Lumens (XLM) to all users of the Blockchain wallet.
“At Blockchain, we are committed to putting our users first,” Smith said. “Providing exclusive access to the next generation of cryptoassets allows new and existing users alike to test, try, trade, and transact with new, trusted cryptoassets in a safe and easy way. We’re empowering our users with private keys, which allow them to go beyond just storing their crypto to actually using them. In turn, we can help build a bigger and more engaged crypto community, and drive network effects that make ecosystem more useful and valuable for the many rather than the few.”
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Participants at the Web Summit – including this writer – received an email confirming they have been shortlisted for a $25 worth of XLM giveaway.
The distribution process, according to Smith, will take place over a period of several months, and the amount Stellar users will receive could vary based on geography. However, existing Blockchain wallet holders will get priority in the distribution while the company reserves the right to modify the terms of the arrangement going forward.
“We believe that airdrops are central to creating a more inclusive digital economy,” said Jed McCaleb, creator of Stellar said in a statement. “Giving away 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 30 million wallets, we will increase the network’s utility by many orders of magnitude.”
