Stellar Development Foundation to Airdrop XLM Crypto Tokens Worth $120 Million

The Stellar Development Foundation, a non-profit established to help the advancement of the Stellar’s open-source network, is introducing a $120 million airdrop in a joint effort with encrypted messenger Keybase.

As indicated by a September 9 blog entry, Keybase will give 100 million Stellar (XLM) every month throughout the following 20 months to their clients, which aggregates to 2 billion XLM, or nearly $120 million. Keybase will appropriate XLM among its over 300,000 clients.

The foundation expresses that qualified participants in the airdrop must have a Keybase account before the announcement or, in case they are new to the messenger, must link the Keybase account to a Github or HackerNews account that was enrolled before September 9.

The airdrop will keep running for at least three months, after which the Stellar Development Foundation will decide if the program is a triumph and should proceed.

Stellar — which is a payment innovation based on the Ripple protocol — is the twelfth biggest cryptocurrency by market capitalization. At the time of writing, XLM is currently trading at $0.06 as per CoinMarketCap.

American asset management company Franklin Templeton Investments filed a preliminary prospectus earlier in September with American regulators for a government money market fund that focuses on blockchain-based shares on the Stellar Network.

In July, the Stellar Foundation, Ethereum Foundation, and Fidelity started supporting another blockchain accelerator program dubbed Startup Studio. The venture plans to give workshops to blockchain new businesses to enable them to upgrade item structure, law and engineering, smart contract advancement, and hiring — among different areas.