SAN FRANCISCO, Aug. 15, 2019 /PRNewswire/ -- Coil, a platform dedicated to reimagining monetization on the web for creators and their fans, today 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.
"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."
"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."
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.
Coil launched its monetized publishing platform for creators in May 2019. 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's platform supports creators around the globe, including writers and journalists, video and filmmakers, podcasters, streamers, musicians, photographers, and artists. For more information about Coil, please visit coil.com and follow Coil on its creator page and on Twitter (@Coil).
Coil was founded in 2018 by Stefan Thomas, former CTO of Ripple, to build a better business model for the web. Coil's platform is designed to make it easy for creators to monetize their content across the internet. As subscribing fans enjoy content, Coil uses an open API called Web Monetization to stream micropayments to creators in real time. The platform supports creators, including writers and journalists, video creators, podcasters, streamers, musicians, photographers, and artists.
Xpring is Ripple's initiative to develop infrastructure and collaborate with innovative blockchain projects to increase the adoption of XRP. Our objective is to create a robust community of developers, entrepreneurs and companies who are transforming industries using technologies such as Interledger and XRP Ledger.
Ripple's vision is to enable the world to move money like information moves today, the Internet of Value. With offices in San Francisco, New York, London, Mumbai, Singapore and Sydney, Ripple has more than 200 customers around the world.