Stellar Development Foundation to distribute 2 billion XLM to Keybase users

Stellar Development Foundation to distribute 2 billion XLM to Keybase users

The non-profit organization Stellar Development Foundation (SDF), which supports the Stellar blockchain, plans to distribute 2 billion XLM tokens to Keybase users for free.

The organization will distribute 2 billion XLM tokens, currently worth almost $121 million, to users of Keybase, “an alternative to Slack, WhatsApp, Telegram, and other chat apps.” Last year, the SDF conducted a similar token distribution with the operator of the Blockchain cryptocurrency wallet.

This week, the Foundation will hold a free distribution of 100 million XLM tokens worth $6.1 million to 300,000 Keybase users. The remaining SDF tokens will be distributed in batches of 100 million in the next 20 months – on the 15th of each month, starting from October.

“We have created a system that allows people to verify their identity, collaborate safely, and store cryptocurrency. Since Keybase supports the free distribution of our tokens, SDF can be confident that XLM will reach real people,” said SDF CEO Denelle Dixon.

According to Dixon, unlike previous similar SDF partnerships, Keybase users are not familiar with blockchain. “By providing free xlms, SDF hopes that Keybase users will be able to experience the blockchain as well as the Stellar network,” she said.

Each Keybase user has the right to receive a maximum of $500 in XLM. However, users must have a registered Keybase account to qualify for tokens. Keybase also added some features for integration with Stellar.

“Users will be able to send XLM to friends on Keybase,” Dixon said. “Keybase has wallets for users, and tokens will be transferred to these wallets.

Campaign will last at least three months, and the further fate of the distribution will be decided based on the results of the first months. According to the organization’s statement, the SDF’s mission is to globally expand access to financial services.

“We can’t do this alone, and the network by its nature requires participants to help achieve this goal,” Dixon said.