The web monetization platform Coil will deploy the XRP funds into building awareness for the platform among creators, consumers and strategic partners.
In the recent scheme of things, Ripple’s investment arm, Xpring has announced that it granted 1 billion XRP token to content platform Coil. With XRP’s today price of $0.265, the total amount granted stands at $265 million.
This investment is allocated for the development of Coil’s web content monetization platform which will help it to build a community of “creators, consumers and strategic partners”. The Coil platform uses an open web standard built on the Interledger Protocol (ILP) that facilitates micropayments in any currency including Ripple’s XRP.
Coil Platform Performance
Earlier in May 2019, Coil launched its monetized publishing platform that offers creators a possibility to publish exclusive content on Coil. All the content that is available on the Coil platform is automatically used for streaming payments. Everyone who has a desire to provide support for creators has a chance to become a part of the Coil community at a $5 monthly subscription fee. However, no membership fees for content creators are presupposed.
The Coil platform is looking to attract a wide range of content authors who make videos, films, articles, podcasts, music, photos, paintings, etc.
In the official release, Ethan Beard, Senior Vice President of Xpring said:
“Advertising and site-by-site subscription models are ready for disruption. The low cost and fast transactions of XRP make 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.”
As more subscribers enjoy any particular content, Coil will facilitate the XRP micropayments to its creators with the help of the Interledger Protocol (ILP) in real-time. The ILP will allow sending and receiving any crypto asset and currency for payments. Creators can receive payments in different forms It can be a wire transfer, cheque, ACH or in the XRP tokens.
“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,” noted CEO and founder of Coil, Stefan Thomas.