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Cryptocurrencies

Ripple's Xpring gives USD 265 mln in XRP to content platform Coil

Friday 16 August 2019 | 10:16 AM CET

Ripple’s infrastructure development and XRP adoption initiative Xpring announced a 1 bln XRP (~USD 265 mln) grant to web monetization platform Coil.

Coil will reportedly use the funds to build an ecosystem of creators, developers, companies and nonprofits that use XRP through the Web Monetization open standard. Giving creators control over distribution and monetization.

Coil is a platform that provides an alternative method for creators to monetize their content on the internet. Users can post public and exclusive content on the platform, which is automatically enabled for streaming payments. Alternatively, creators can monetize their own websites by adding a simple tag.

As subscribing fans enjoy content, Coil uses an open API called Web Monetization to stream micropayments to creators in real time. Web Monetization is built on the Interledger Protocol. Ripple is also allegedly bracing to feel the wrath of the Securities and Exchange Commission. The company is currently being taken to court by an investor, who claims it sold unregistered securities.

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