Keybase Users To Receive $121 Million Worth Of XLM Tokens

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Stellar Development Foundation (SDF) has announced that they will be conducting an airdrop of Stellar Lumens (XLM) over the next 15 months.

The foundation is a non profit organization, and it is the organization behind the Stellar blockchain network.

According to the announcement by the SDF, 2 billion XLM will be given away to users of Keybase. The XLM tokens being airdropped to Keybase users are currently worth $121 million, and they will be used as rewards for these users.

Keybase is an encrypted messaging application which has been described as an alternative to applications such as Telegram and WhatsApp.

All individuals that are registered on Keybase are entitled to the XLM tokens being given away.

Airdrop of XLM

The first phase of the airdrop will see 100 million XLM tokens being distributed among 300,000 Keybase users.

Each XLM is worth $0.061230, and the first batch of these tokens being issued is worth about $6.1 million. The rest of the tokens set aside for the airdrop will be distributed over the course of the next 20 months.

The drops have been scheduled for the 15th of each month and each of the drops will see 100 million XLM being distributed.

SDF building relationships

The SDF has been building partnerships with blockchain and crypto related businesses over the course of the year. The foundation recently entered a partnership with Blockchain, a crypto wallet provider, and another with Coinbase Earn.

This is not the first time that the SDF has worked with Keybase. In 2018, Keybase received funding from the foundation.

Denelle Dixon, CEO and executive director of SDF, said that the partnership with Keybase will ensure that Lumens are distributed into the world and into the possession of people who will make use of them.

Keybase users and entry into crypto use

The partnership between Keybase and SDF will see users of the messaging application engage with cryptocurrencies, a feature that hasn’t been available to them.

Keybase is not a crypto based application, and the offer of free XLMs will bring familiarity with blockchain and cryptocurrency to users of the app.

Each of Keybase’s users will receive no more than $500 worth of XLM by the end of the airdrop initiative. A user needs to have a registered Keybase account for them to be eligible to receive a portion of the XLM tokens.

Keybase has put in place this eligibility criterion to prevent bot signups on the application in the wake of the token distribution.

Keybase has placed come features on its application to enable the seamless integration of the Stellar network. Keybase users are able to send and receive XLM tokens to and from other users.

The application now has a crypto wallet and it is in this wallet that the tokens will be airdropped. Users can also use the wallets to buy Stellar (XLM) in the future.

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About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.