Stellar’s $125 million XLM air-drop explained by Blockchain’s Chief Legal Officer
Marco Santori, Blockchain’s Chief Legal Officer and a fintech advisor to the IMF, gave his insight on the recent XLM air-drop, which is the “largest air-drop/giveaway in history” of cryptocurrencies. According to the company’s official website, the first air-drop is scheduled to happen this week.
The company intends to give away a total of $125 million in Stellar Lumens [XLM]. The news of the air-drop was also announced on Twitter.
During this podcast interview by Anthony Pompliano, he spoke about how these air-drops increase cryptocurrency adoption.
Santori said that he got his first cryptocurrency because he accepted them as a form of payment for his legal services. He said, “earning crypto for actually doing work is sometimes really hard”. He added that the most difficult thing about getting into crypto was getting crypto.
Additionally, Santori spoke on how Blockchain as a company provides a portal for people to get into cryptocurrencies and actually buy it instead of working for it or mining it or buying it at some “shady ICO”. He added that they [Blockchain] were looking for a better way to help people buy cryptocurrencies.
Marco Santori stated:
“As a creator, you’ve got a bunch of crypto and you want people to use it, but getting people to use it is them actually having it, so air drops put crypto in the hands of many people. So what an airdrop can do is put crypto in the hands of many people can take crypto out of the hands of just a few usually a few creators and put it in the hands of many people.”
Santori said that with Blockchain, people are actually in control of their cryptocurrencies with their own private key with them and not some intermediaries like banks or financial institutions. He said that unlike other companies, Blockchain does not accept fees for listing and that they do it for users and mass adoptions of cryptocurrencies which is their guiding principle.
He then proceeded to explain that the recently announced Stellar’s XLM air-drop was based on those guiding principles. Marco continued to explain the reason for “free air-drop” saying that it is a “unique crypto element” and said:
“The more the people use, the more valuable each particular coin is in-terms of actual functionality…so if you are a creator you can benefit from these network effects that drive the adoption, that drive the actual functional use of your token.”
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