May 19, 2020 – San Francisco, CA
Coil creators can now choose Uphold as their wallet provider gaining access to 50+ currencies, bank connectivity and a multi-asset debit card.
Uphold, a leading digital money platform that has powered more than $6 billion in transactions across 180 countries, today announced a partnership with Web Monetization provider Coil utilizing the Interledger Protocol. Coil creators around the world can now select Uphold as their wallet provider, to have payments sent directly to their Uphold account gaining access to 50+ currencies including fiat, digital, and commodities along with bank connectivity in 34+ countries.
Coil is designed to help creators monetize content and provide a premium experience to consumers. Coil is the first of many examples of the power of Interledger and a view into the next generation of web payments. Key to Interledger, which allows real-time payments to content providers, is the ability to settle payments globally into any digital asset or fiat currency of choice. Uphold’s global payments capability enables this core settlement functionality.
Robin O’Connell, chief revenue officer of Uphold said,
“We see Web Monetization as an exciting development for the future of payments on the open web. The ability to pay for your app subscriptions, news articles, or premium experiences with zero-clicks and in real time feels like the future. Uphold, with its anything-to-anything payment capabilities, is uniquely positioned to provide partners like Coil the ability to bridge old and new money systems while offering a seamless payment settlement for its creators.”
Additionally, US-based creators who select Uphold as their wallet provider will also have access to the Uphold debit card, which provides 2% CryptoBack and 1% CashBack, and instant access to payments received through the micropayments platform.
Interledger is an open protocol suite for sending payments across different ledgers. Like the internet, connectors route packets of money across independent networks. The open architecture and minimal protocol enable interoperability for any value transfer system.
“The world is transitioning towards a more open and direct payment construct. Coil, through the Web Monetization standard and Interledger, is leading the way by enabling consumers to fund creators directly and in real time. Combine that with Uphold’s anything-to-anything capabilities and you have a view into how open payments will play out.”
A digital money platform serving more than 2 million customers. Uphold has powered more than $6 billion in transactions. The Silicon Valley firm attracts up to 7,000 new accounts a day. Leveraging blockchain technology, the platform provides consumers and businesses with easy access to 27 national currencies, 30 digital currencies, six stablecoins, and four precious metals. Its unique ‘Anything-to-Anything’ architecture allows customers to trade directly between different asset classes: physical gold to bitcoin is one trade, for example. Uphold supports financial inclusion by enabling customers virtually anywhere to open an account in 3-5 minutes, and buy various assets and send funds worldwide. Consumers can trade with zero commissions, or send funds free of charge, including payments to suppliers and employees. Accounts can be funded via seven crypto networks, bank connections in 40+ countries, and debit and credit cards. Uphold is available through web, iOS and Android applications. For more information, visit uphold.com. Not licensed in all jurisdictions.
Coil was founded in 2018 to build a better business model for the web. Coil makes it easy for creators to monetize their content across the internet, and provides an alternative to advertising and site-by-site subscription models. As members enjoy content, Coil uses a proposed open web standard called Web Monetization to stream micropayments to creators in real time. Coil is designed to support a variety of creators, developers and content platforms. In 2019, Coil, in collaboration with Mozilla and Creative Commons, launched the $100 million Grant for the Web to boost open, fair and inclusive standards and innovation in Web Monetization. Coil also invested $20 million in Imgur, the community-powered entertainment platform reaching 300 million people each month. For more information about Coil, please visit coil.com and follow on Twitter @Coil.