Binance has unveiled its first giveaway campaign under the Richard Teng era as it looks to give out 1 Bitcoin (BTC) or $500,000 worth of tokens.
Richard Teng, the CEO who succeeded Binance founder Changpeng ‘CZ’ Zhao, confirmed the giveaway, underscoring its legitimacy. The giveaway campaign is strategic and per the defined schedule, it will run from now until the end of the year.
Binance Giveaway: Eligibility
The giveaway is for Binance community members and aims to boost the embrace of the newly launched Web3.0 wallet. As the trading platform detailed, eligibility is simple and it involves making at least one swap on the Binance Web3 Wallet.
Users who participate in the campaign will be eligible to receive as little as 1 Shiba Inu (SHIB) valued at $0.00001003 to as much as 1 Bitcoin currently worth $44,113.43. The size of the campaign is $500,000 and notably, Binance was silent on whether participants can gain more than 1 token reward from the campaign.
Binance deepened its foot in the decentralized ecosystem when it launched its non-custodial Web3 wallet in November.
The Web3 Wallet is accessible through the Binance app and per its design, it was projected to serve as a bridge for the exchange’s centralized and decentralized services respectively.
It supports a number of tokens at launch, including SHIB, Dogecoin (DOGE), Tether (USDT) and Non-Fungible Tokens (NFTs). With its decentralized and diverse nature, Binance acknowledged its core partners for the campaign including Maverick Protocol, Gala Games, and Acala Network.
Is it Giveaway Season?
The motive for giveaways differ among crypto entities, however, the trend is somewhat becoming popular in recent times. While Binance is catching the buzz with the free Bitcoin giveaway, XRP holders in particular have enjoyed many reward schemes from different Web3 entities in recent times.
Two of the common XRP giveaways and airdrops on record thus far came from Uphold and Flare Network. Notably, another airdrop registration from Evernode (EVERS) is currently underway.