The cryptocurrency exchange platform Binance has been in the media for all the wrong reasons recently. However, the tides of change are knocking as the current tweet from NEM announces the successful completion of snapshots for users XEM balances by Binance. NEM (XEM) is a digital asset currently ranked at 32nd position in the global cryptocurrency listing with a market cap of $3.2 billion.
The NEM Network has been working on its new product by the name of Symbol Network and plans to launch it on 15th March 2021. The Symbol public blockchain offers XYM as its Native currency. The good thing about this XYM token is that it would be launched with Q1 2021 mining backup. Both XYM and XEM are going to be maintained by the same team NEM as separate networks.
Why People Are Lining Up for Symbol Airdrop
Crypto enthusiast has been waiting in line for months to benefit from Symbol XYM airdrop. Airdrop is the process of crypto networks distributing free tokens to users. This strategy is to ensure that a new crypto project can generate a healthy user base and also create awareness for its new currency. There have been some grave concerns about the crypto airdrops in the past.
Some airdrops were hacked by scammers to collect the data of users illegally. On the other hand, the US government has been talking about enforcing tax regulations on crypto airdrops for a long time. Therefore, it has become a challenge for American-based crypto projects to facilitate their users with announced or unannounced airdrops. However, Binance is planning on running a ‘smart airdrop’ after completing the snapshot of NEM users.
American Crypto Projects Under Fire of SEC for Airdrops
The reaction of the market towards the current airdrop announcement is mixed. Recently, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs. Ripple Labs top executives, Brad Garlinghouse and Chris Larson, were planning to airdrop XRP. The Ripple Labs executives have been charged with conducting unregistered securities offering worth $1.3 billion by the SEC.
The organizers of airdrops would have to be careful about the law regulations and secure themselves against possible hacks too. The Symbol Network has introduced a multi-levelled and multi-signature account system for their users’ security. With a three-level security protocol, it would be impossible to repeat unfortunate incidents like the hack attack of March 5th. Some other names like Bella protocol are already conducting airdrops worth 2 million BEL tokens. Bella protocol airdrop is planned for a duration ranging from September 2020 to July 2022.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
