Coil is a platform that provides an alternative method for creators to monetize their content online. As subscribing fans consume content, the platform uses an open API called Web Monetization to stream micropayments to creators instantaneously. The API is built on the Interledger Protocol (ILP).
New Coil additions
Coil Web Monetization plugin
Through the Coil Web Monetization plugin, publishers and creators on WordPress now have access to an alternative and additive way to monetize their free and premium content.
The plugin, developed in partnership with leading WordPress agency Pragmatic, makes it easy to web monetize an entire site with a few clicks. Once enabled, Coil streams payments to the publisher’s wallet as Coil Members enjoy content, while preserving users’ privacy. Publishers and creators looking to maximize their revenue potential can also use the plugin to implement special features for members, including ad-free and premium content experiences. The open-source plugin is intentionally designed to be interoperable with other Web Monetization service providers, providing publishers and creators with more freedom of choice now and in the future.
The plugin allows content creators to add monetization to all or some of their pages and posts.
- Monetized and Public (default) – Allow all visitors to see the content, get paid when your visitor is a Coil Member
- Coil Members Only – Only allow Coil Members to see the content
- No Monetization – Allow all visitors to see the content, don’t get paid when a visitor is a Coil Member
“Now, more than ever, publishers and individual creators are seeking new revenue streams,” said Stefan Thomas, Founder, and CEO of Coil. “At the same time, consumers are suffering from site-by-site subscription fatigue and the invasive privacy issues associated with ads. With the introduction of the Web Monetization plugin and more payout options for publishers and creators around the globe, our goal is to provide more freedom of choice and less friction for everyone.”
Uphold, a digital wallet and trading platform operating since 2015, is the second addition to the Coil ecosystem. With Uphold, creators will enjoy an intuitive setup experience and more payout options. Uphold offers access to over 50 currencies with bank connectivity in more than 35 countries, expanding Coil’s ability to serve more creators and publishers around the world. Creators in the U.S. who select Uphold as their wallet provider will also have access to the Uphold debit card offering, allowing them to have payments from Coil loaded directly onto their cards.
Stefan Thomas added, “Part of the inspiration for Coil was to break down the barriers that prevent creators from being paid for their work and their fans from being able to support them. By leveraging Interledger Protocol technology and partnering with Uphold, we’re continuing to tear down walls that make cross-currency transactions too expensive and inaccessible to many.”
It was only a few days ago that the XRP TipBot teamed up with Uphold in order to keep operating.
The Coil ecosystem
Coil was given a 1 billion XRP “war chest” from Xpring (Ripple’s investment arm) back in August 2019. Since its inception, Coil has partnered with Cinnamon, a video-streaming platform with exclusive content for Coil members, Imgur, an online image sharing community and image, Outvoice, a freelance payment solution, Puma, a privacy-focused web browser and GateHub, an XRP wallet and gateway.
It has also invested in Kava Labs, a venture-backed company working on frontier innovations within payments and blockchain technologies while it has also worked with Firefox, a free and open-source web browser.
Coil has also recently joined the Mojaloop Foundation as an Inaugural Sponsor Member.