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Ripple’s ecosystem initiative Xpring announced that it gave 1 billion XRP (~$256 million) grant to web monetization platform Coil.
As per a press release, the proceeds will be used to build an ecosystem of creators, developers, companies, and nonprofits that use XRP through the Web Monetization open standard. It will also allocate funds to build awareness of Coil.
“Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe. The initiative will help us level the playing field for creators by providing a better way to support content across the web,” Ripple CTO Stefan Thomas said.
Excited to announce a 1 Billion XRP grant from #Xpring @Ripple! This accelerates our efforts to level the playing field for creators by providing a better way to support content across the web. #WebMonetization @Interledger https://t.co/lVUx5hKkAY pic.twitter.com/eznjlmgPZA
— Coil (@Coil) August 15, 2019
Launched in May 2018, Coil’s monetized publishing platform allows creators to post exclusive content in Coil, which is automatically enabled for streaming payments. The platform charges a $5 monthly subscription fee so that when users consume contents from a Coil-compatible website, the content creators get payments via US dollars, ACH or wire transfer, or XRP.
Coil uses the Interledger Protocol to stream XRP micropayments in real-time, enabling any currency or asset to be utilized for sending and receiving payments.
“Our dream is that you can get one subscription and can browse the whole web and support the creators you enjoy without ads or paywalls,” Thomas told CoinDesk.
The XRP given to Coil came directly from “Ripple’s balance sheet of XRP,” Xpring Vice President Ethan Beard also revealed to the news outlet.
Last June, image hosting site Imgur secured $20 million in venture equity from Coil. The partnership will not only see Imgur turn the Internet into a more positive place but also enable the company to integrate Coil into its platform, which has 300 million monthly users, to offer micropayments to users who view contents.
Meanwhile, the latest investment is not a surprise as Xpring has been investing funds to different companies, ranging from independent developers to large-scale partnerships since May. Last month, it revealed that it has already spent $500 million in more than 20 firms in the blockchain space, as it aims to build an XRP-focused ecosystem.
