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Blockchain company is giving Away cryptocurrency worth $125 million

Blockchain CEO Peter Smith.

A bitcoin wallet provider Blockchain is giving away $125m -worth of cryptocurrency in the biggest ever crypto "airdrop."

Peter Smith the CEO of Blockchain announced at Web Summit in Lisbon on Tuesday that his company will give away $125-worth of Stellar Lumens (XLM) tokens to his company's nearly 30 million customers.

The blockchain is one of the biggest cryptocurrency digital wallets providers for retail investors around the world. Customers who verify their wallets with Blockchain will be eligible for the giveaway, which starts today and will last for six months.

See how to create a blockchain wallet to be eligible for the giveaway.

Blockchain's Stellar Lumens giveaway is an example of a so-called 'airdrop." This is where cryptocurrencies are distributed to online wallets for free as part of efforts to drum up support for the project. They have gained popularity over the last 18 months as the number of cryptocurrencies in existence has exploded to over 2,000.

According to the report, the cryptocurrency is being provided by the Steller Development Foundation, the non-profit that created and promotes the currency. Stellar Lumens is the brainchild of Jeb McCaleb. one of the co-founders of cryptocurrency XRP and early bitcoin exchange MtGox. He created Stellar Lumens in 2014 as a crypto-powered platform designed to make cross-currency and cross-border money transfers easier and cheaper.

The aim of the Stellar Lumens giveaway is to "dramatically speed up" adoption of the Stellar Lumens platform, Blockchain CEO Peter Smith told Yahoo Finance UK.

McCaleb said in a statement.
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."
Stellar Lumens is already one of the biggest cryptocurrencies in the world, with a market value of close to $5bn and a daily turnover of around $50m. As of Monday evening, Stellar Lumens were trading for about $0.19.

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