Mudrex announces Rs 10 crore Bitcoin airdrop for Independence Day

Bitcoin airdrop: Mudrex, a crypto investment platform, has announced a Bitcoin airdrop campaign in celebration of Independence Day. The campaign, which runs from August 1 to August 13, will distribute Bitcoin worth up to Rs 10 crore.

Mudrex's initiative aims to reward its current users and attract new participants. The airdrop campaign is targeted towards increasing financial literacy and making crypto investments more accessible, the company stated in a release. Participants in the airdrop campaign can earn Bitcoin by engaging with the Mudrex platform.

What is an airdrop? 

A Bitcoin airdrop involves distributing free Bitcoin to users, typically to promote a platform or reward its community. It usually requires participants to perform certain actions, such as signing up or engaging with a platform. Airdrops aim to increase awareness and adoption of cryptocurrency by providing users with an initial stake.

In the early 2010s, airdrops were popular for sending unsolicited images to random recipients. Today, a similar tactic energizes the fintech sector through "crypto airdrops." This marketing strategy involves distributing free tokens directly into users' crypto wallets to promote new cryptocurrency projects. By doing so, blockchain-based startups aim to boost awareness and drive adoption of their platforms. Crypto airdrops are now a key tactic for generating excitement and increasing engagement with emerging digital assets.

Bitcoin is a decentralised digital currency that operates on a peer-to-peer network, allowing transactions without intermediaries like banks. It uses blockchain technology to securely record and verify transactions.

Mudrex, founded in 2018 by Edul Patel, Alankar Saxena, Rohit Goyal, and Prince Arora, is backed by Y-Combinator. The Bengaluru-based fintech startup has developed a comprehensive platform designed for both novice and experienced investors.

Bitcoin price action

As of 1:50 pm on Thursday, Bitcoin is priced at $64,403.54 with a decline of 2.58 per cent in the last 24 hours. The recent shift has brought Bitcoin's market capitalisation to $1.27 trillion. Year-to-date, Bitcoin has experienced a 52.25 per cent change.