Ripple’s investment arm Xpring is giving 1 billion XRP to the decentralized web content monetization platform Coil.
The platform is designed to offer online publishers more control over their work and allow fans to reward content creators in both crypto and fiat currency.
According to the announcement, the grant will go toward accelerating the adoption of XRP and the Interledger Protocol (ILP), an efficient method of routing payments across different ledgers.
“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.”
Senior vice president of Xpring, Ethan Beard believes that the traditional method of advertising and website subscription models are “ready for disruption.” Beard says the speed of XRP makes it ideal for Coil users.
He adds that XRP can help the Coil platform offer an alternative way to monetize content while having 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.”
In late June 2019, giant image hosting site Imgur received $20 million in venture equity from Coil. According to TechCrunch, the deal involves Imgur integrating Coil’s micropayments feature into its platform, which has about 300 million monthly users.
Launched in May 2019, Coil’s monetized publishing platform allows creators to post content on Coil, and automatically receive streaming payments for their contributions. Publishers can monetize their websites by placing a simple tag.
People looking to support content creators on Coil can join by paying a $5 monthly subscription fee. Creators are not charged any membership fees.