Imgur Announces It Secured $20 Million Investment From Ripple-Affiliated Coil Micropayment Tool
- Imgur Received An Investment Of $20 Million From Coil
- Coil CEO and Former CTO of Ripple Stefan Thomas Will Join Imgur Board
- The $20 Million Originated From Ripple Labs Xpring Initiative To Boost Xrp Ecosystem
Imgur, a recognized community-powered platform announced that it has received a $20 million investment form Coil, a San Francisco-based platform. The information was released by Coil in a recently published press release.
Imgur Receives $20M Investment From Ripple Labs' Xpring Backed Coil
With this new fund, the intention is to continue Imgur’s company mission of making the internet a more positive place. Stefan Thomas, the founder, and CEO of Coil and former CTO of Ripple Labs explained that he will be joining Imgur’s board of directors.
About it, Alan Schaaf, the founder and CEO of Imgur commented:
“Imgur began in 2009 as a gift to the internet. Over the last 10 years we've built one of the largest, most positive online communities, based on our core value to ‘give more than we take.”
He went on saying that every single product and service they offer is to give it to the community. Coil’s technology will also open up new opportunities for users in order to support the community in different ways.
Imgur plans to build a special membership-only based content that will they offer to Coil users that want to pay a flat rate monthly fee. Content creators will then be paid for their submissions to the member only section of Imgur. They will be paid in USD or as you can imagine, Ripple's XRP at a rate of $0.36 per hour their content is viewed.
Techcrunch asked if this will affect regular users that do not wish to pay for the service and Imgur CEO Alan Schaaf said:
“We’re in the business of making the internet better. We do not plan on taking anything away for the community”
— Coil (@Coil) June 26, 2019
The CEO of Coil, said that he realized that Schaaf shared his passion for the Web, how to improve it and the challenges that it is currently facing. Imgur has also registered its 10th consecutive year growing, including the highest-grossing year to date for its advertising division. This partnership represents an opportunity to increase this revenue and improve users’ experience while using the services. Also included in the details of the partnership is Coil CEO will also be joining the board of Imgur.
Coil was founded back in 2018 by the former CTO of Ripple Mr. Thomas. The goal was to create a better business model for the web. At the moment, it has a subscription service that is open beta and it has also extensions for both Chrome and Firefox.