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:
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:
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.