American crypto trading platform Coinbase Global Inc has announced a major Bitcoin giveaway to celebrate the just concluded Bitcoin Halving event.
Coinbase Plots Necessary Giveaway
While it is not uncommon to do giveaways in the digital currency ecosystem as a means to reward community members, Coinbase is not a regular incentive giver. As it unveiled in its recent Bitcoin reward campaign, the trading platform said it will give 1 Bitcoin worth approximately $66,300 per current price level each week to its users.
This giveaway is not a one off event as the trading platform plans to run this campaign through May 20. The exchange said just 1 winner will be selected each week. The trading platform confirmed that the first draw will take place on May 9, a pronouncement that has sent a frenzy to the broader market.
According to Coinbase, qualifying for the giveaway comes with the lowest barriers to entry and is available to both existing and new users of its platform. For an exchange operating in a jurisdiction with an extremely competitive market and stringent regulations for players in the crypto ecosystem, the Coinbase Bitcoin halving giveaway might play a very unique trick to help it ramp up more user base.
Why Celebrate Bitcoin Halving?
The Bitcoin halving that was activated on the mainnet is the fourth the network has recorded. The event is significant as it helps maintain the deflationary standard encoded into the network by its creator, Satoshi Nakamoto.Â
This latest Bitcoin halving helped reduce the Bitcoin reward per block from 6.25 BTC to 3.125 BTC. Coinbase chose to celebrate this as many consider this halving a major avenue to unleash the true price worth of the underlying asset.
With Bitcoin supply now reduced and spot Bitcoin ETF products driving demand, an ultimately mega price boom might be recorded in the near future.
