Ripple Giving Away 1 Billion XRP To Promote Web Monetization Platform Coil
- Ripple’s Xpring grants 1 billion XRP to Coil
- The fund to be used to provide a level the playing field for creators
Ripple’s Xpring is giving away 1 billion XRP to promote the web monetization platform Coil.
On Aug 15, Coil announced a 1 billion XRP grant from Ripple’s ecosystem initiative that collaborates with blockchain projects to increase the adoption of XRP.
Founded in 2018 by Stefan Thomas, former CTO of Ripple, Coil is dedicated to web monetization that enables streaming micropayments in any currency including XRP.
“Creators want more choice and control over how their content is monetized and distributed,”
said Stefan Thomas, CEO and founder of Coil and co-creator of the Interledger Protocol.
“Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe. This initiative will help us level the playing field for creators by providing a better way to support content across the web,” Thomas said.
XRP: An Ideal Alternative Monetization Method
This 1 billion XRP will be used to build an ecosystem of creators, companies, developers, and non-profits that are using XRP via Web Monetization.
“Advertising and site-by-site subscription models are ready for disruption,” said Ethan Beard, Senior Vice President of Xpring.
“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. At Xpring, we build infrastructure and support projects that enable the Internet of Value and increase the utilization of XRP — we're excited to support Coil and the team in their journey,” he added.
Launched in May 2019 for creators, the monetized publishing platform allows creators to web-monetize their own websites with a simple tag and supporters to join the community with a $5 monthly subscription.
As subscribers enjoy content, Coil stream XRP micropayments to creators in real time using ILP. Cryptocurrency XRP, however, is not the only option, creators also have the option to be paid out in US dollars via check, ACH or wire transfer.
Earlier this year, Coil partnered with and made an investment in Imgur and Cinnamon.