Ripple’s Xpring Gives $265 Mil in XRP to Content Platform Coil

Must Read

Bitcoin Gold Team says Novel Double-Spend Resistant Algorithm to be Released in 1Q20 after Suffering a 51% Attack yet again

Bitcoin Gold (BTG), a hard fork of the world's leading cryptocurrency Bitcoin suffered a 51 attack last...

Crypto Now Subject to Ukraine’s New “Financial Monitoring” Law But FM says Working on a Special Law to Regulate Virtual Assets

Ukraine has passed a new bill on Financial Monitoring to combat money laundering. With the need to...

Bitcoin Reflecting Gold Movement as Coronavirus Outbreak causes Investors Scurrying for Safe Havens

Global equity markets experienced a slump on Monday as investors keep an eye on the deadly Coronavirus...
- Advertisement -

Ripple’s infrastructure development and XRP adoption initiative Xpring announced a 1 billion XRP (roughly $265 million) grant to web monetization platform Coil on Aug. 15. 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. Coil CEO Stefan Thomas commented: 

“Creators want more choice and control over how their content is monetized and distributed […] Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe.”

Neck bone connected to the head bone

As subscribing fans enjoy content, Coil uses an open API called Web Monetization to stream micro payments to creators in real time.

Web Monetization is built on the Interledger Protocol, co-created by Coil CEO Stefan Thomas. Thomas is also the former CTO of Ripple. Ripple’s Xpring also participated in Coil’s $4 million seed round. Ethan Beard, Senior Vice President of Xpring, said: 

“Advertising and site-by-site subscription models are ready for disruption […] The low cost and fast transactions of XRP makes it an ideal tool for Coil to offer an alternative monetization method and have a positive impact on creators.”

If Peter Brandt is correct, then Coil should start putting that XRP to work straight away. The veteran trader believes that the currency could fall another 20%, accusing issuer and largest holder, Ripple, of manipulating XRP’s price.

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.

- Advertisement -
- Advertisement -

Latest News

11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or...
- Advertisement -

Momentum Protocol announces Solution Provider Program

Momentum Protocol announced today that it is starting to roll out its Solution Provider Program. An initial set of partners have already...

ArBinance is Changing the Crypto Arbitrage Game with the Click of a Button

ArBinance is a professional arbitrage trading platform that aims to revolutionize cryptocurrency trading by allowing its users to conduct crypto arbitrage through...

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users SmartMixer.io is a new bitcoin mixing service especially geared toward...

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST Vienna-based fintech Bitpanda...