Coil, a platform dedicated to reimagining monetization on the web for creators and their fans, announced a 1 billion XRP grant from Ripple’s Xpring. The money will be deployed towards driving adoption of XRP and the Interledger Protocol (ILP) by growing Coil’s monetization platform through mainstream adoption of Web Monetization, an open web standard built on Interledger that enables streaming micropayments in any currency, including XRP.
How will Coil use the 1 billion XRP?
Coil will use the 1 billion XRP to build an ecosystem of creators, developers, companies and nonprofits that are using XRP through the Web Monetization open standard. A portion of the commitment will also be used to help build awareness of Coil among creators, consumers and strategic partners. Earlier this year, the company also announced its partnership and investment in Imgur, the community-powered entertainment platform, and Cinnamon, a video streaming service. In addition, Xpring participated in Coil’s $4 million seed round.
What is Coil?
The platform enables creators to post public and exclusive content on Coil, which is automatically enabled for streaming payments. Creators can web-monetize their own websites by adding a simple tag. Those who want to support creators using Coil can join the community with a $5 monthly subscription. There are no membership fees for creators.
As subscribers enjoy content, Coil streams XRP micropayments to creators in real time using the Interledger Protocol, which allows any currency or asset to be used for sending and receiving payments. Creators have the option to be paid out in US dollars via check, ACH or wire transfer or in the cryptocurrency XRP. Over time, more currency payout options will become available as more wallets adopt the Interledger Protocol.
Coil launched its monetized publishing platform for creators in May 2019.
Coil CEO and founder Stephan Thomas (and former Ripple CTO) mentioned that:
“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. This initiative will help us level the playing field for creators by providing a better way to support content across the web.”
It will be interesting to see how Coil will use this “warchest” of XRP. One would expect to see Coil more actively promoting/advertising its product and additional partnerships, similar to the ones with Imgur and Cinnamon, to emerge. Initiatives like the one announced by Ben Sharafian (Coil CTO and Founder) will probably grow and increase.
We are looking forward to hearing more about Coil and especially the amount of content creators using it, along with the number of active subscribers.