Stellar Foundation to Airdrop $121 Million Worth Of XLM Crypto Tokens to Keybase Messenger Users
Stellar Foundation is collaborating with messaging platform Keybase to reward Keybase clients for chatting with friends. On monday the two companies inked a deal of a 2 billion XLM airdrop worth about $121 million.
According to the announcement, this is the biggest XLM airdrop of Stellar’s five year existence. According to the agreement within the next 20 months, Keybase clients will be offered airdrops of about 100 XLM.
According to Keybase, it has 300,000 clients who are active in its different services and platform.
According to a blog post shared with CoinDesk, the clients will only need to have a valid Keybase account and the amount of XLM will automatically appear in their wallet. The XLM will appear on a monthly basis so long as the airdrop are in existence.
The company confirmed that the airdrops will be available for the next three months. However, the continuation of the program will depend on meeting various basic success metrics. According to Stellar Foundation CEO, Denelle Dixon, stated that Keybase is a crucial partner as the company pursues its adoption strategy He explained:
“The foundation’s mandate is to deliver lumens [XLM] into the world. This is part of that plan. The up to 2 billion is a really great way. And we will have checks along the way.”
The two companies are not strangers to each other as they have worked closely since March 2018 after Stellar invested heavily in Keybase’s Series B fund raising.
Dixon explained that Keybase is an example of what projects his foundation intends to invest in since Keybase have a lot in common with cryptocurrencies. He explained that the deal will allow Keybase users to know XML in details for the next 20 months.
The current airdrop comes days after Keybase upgraded various features after adopting Stellar in early May 2019. Using the Keybase platform, the users are able to transfer Stellar to various users or even phone numbers even those with no Keybase accounts. A spokesperson explained that Keybase is expected to include additional features in the near future that will comprise XLM payments.
The airdrop deal comes amid other rival messaging apps come up with their own crypto efforts. For instance, Telegram is expected to roll on its TON in the coming days while Facebook is set launch Libra.