Stellar Development Foundation has carried out direct investments in working end-to-end encryption blockchain startup Keybase. This was announced by the founder Keybase Chris Coyne, writes CoinDesk.
Chris Coyne, who is also known as one of the founders of Dating apps OKCupid, did not disclose the terms of the agreement, the amount of investment in Keybase, according to him, was sufficient, that the startup had the opportunity to completely abandon the round of funding, Series B.
Apparently, this really is an impressive amount, since at the time founded in 2014 Keybase received $10.8 million venture investment round, led by Andreessen Horowitz.
The current deal, however, atypical for venture capital financing, which is confirmed by the fact that Stellar does not receive a place in the leadership Keybase.
“This is a very friendly and mutually beneficial agreement. It is much less formal than traditional venture capital financing,” said Chris Coyne.
The technology Keybase lies the Central repository of public keys allows the encryption of all the user’s devices without the need to enter cumbersome PGP keys. Today Keybase gives you the opportunity to arrange to send encrypted chats and files and even encrypting joint projects. All data are end-to-end encryption on all devices of users, private keys remain on the device for which they were generated, and access Keybase has not.
Regarding the future prospects and aims with which Stellar invested in Keybase, Chris Coyne gave to understand that the idea is much more than creating a wallet for the tokens Lumen.
“We’ll make a big announcement this year, when the product is launched. But we will definitely make cryptocurrency transactions between users more simple,” he said.
In a separate blog post Keybase they say, why the startup team sees a benefit in working with the Stellar Protocol (almost zero fee, speed and high energy efficiency due to the lack of the element Proof-of-Work), and also named some goals for the future.
Keybase announcement: we’re partnering in a very big way with Stellar. Details: https://t.co/DeLTYNOZGE @StellarOrg #thirdattemptattweeting pic.twitter.com/RyK4p97cFx
— Chris Coyne (@malgorithms) 8 March 2018
So, it is noted that the project team will continue work on existing products and add some features Stellar in application Keybase. One of the main problems with this is the need of abandoning the cumbersome and awkward long addresses and input private keys on sites or in extensions.
We will remind, earlier this year, the platform smart contracts Mobius, before abandoning it in favor of Stellar from the Ethereum blockchain, the ICO held, collecting a total of two hours $39 million