Blockchain.com Launches Stellar (XLM) Support And $125 Million XLM Airdrop

U.K-based crypto wallet provider Blockchain.com (formerly Blockchain.info), has officially added support for Stellar (XLM), one of the top cryptocurrencies in the crypto industry.

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U.K-based crypto wallet provider Blockchain.com (formerly Blockchain.info), has officially added support for Stellar (XLM), one of the top cryptocurrencies in the crypto industry.

The company announced the launch via a blog post published November 6, making XLM the first altcoin to be added since Blockchain.com announced its Airdrop program mid-October this year.

The digital asset wallet provider also confirmed that it would airdrop XLM tokens worth $125 million to millions of its users, with at least 5 million verified users expected to get about $25 worth of the token.

According to Blockchain.com, airdrops are one of the mechanisms through which crypto community can “drive decentralization and adoption for new networks.”

The firm added that the offering (nearly half a billion XLM at current prices) is so far the largest ever to be undertaken in the history of cryptocurrency, and it could “likely [be] the largest consumer giveaway ever.”

In addition to exposing new users to their ‘first crypto,’ the company stated that the airdrop held other benefits for the crypto supporter: it is an excellent opportunity to “test, trade, and transact” new digital assets without the hustle of having to purchase them or engage in mining.

Why support for XLM?

Blockchain.com explained in the blog post that part of the reason they chose Stellar as the first token-based platform in the airdrop program stems from the fact that its network is “built for scalability,” adding that the XLM token enables faster and low-cost transactions on a global scale.

Support for the token was also due to Stellar’s “vibrant functioning ecosystem” and the network’s ability to sustain the creation of numerous custom tokens that represent “real-world or virtual goods and services.”

Adding Stellar (XLM) support brings the total number of tokens on the Blockchain.com wallet roster to four. Before this, the Wallet had support for:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH).

Blockchain.com’s announcement comes at a time the market is looking to steady itself after a dreadful run for most of the year. At the moment, Stellar (XLM) ranks as the sixth largest digital asset in the crypto market.

According to XBT.net, the token’s market capitalization is $4.86 billion, with a daily trading volume of over $100 million in the last 24 hours.

The token surged by over 6 percent on November 6 to trade at a high of $0.267. It currently trades at $0.256, which is over 2 percent higher on the day.

Stellar (XLM) was among a host of altcoins that lit up the crypto market, as Bitcoin (BTC) continued to be stable. Others that surged include Ripple (XRP) and Bitcoin Cash (BCH).

XLM’s surge was likely a result of the Blockchain.com announcement.

While some see this as a great way to bring new users into the XLM ecosystem, some Twitter users have criticized the requirement for users to hand over their identification, saying it contradicts the value of anonymity for crypto users.

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