Ripple’s infrastructure development and XRP adoption initiative Xpring has announced a 1 billion XRP grant to content monetization platform Coil on Aug. 15.
Per the announcement, Coil will use the funds to build an ecosystem of creators, developers, companies and nonprofits that use XRP through the Web Monetization open standard.
Coil is a platform that provides an alternative method for creators to monetize their content on the internet. Users can post public and exclusive content on the platform and will be automatically enabled for streaming payments. Alternatively, creators can monetize their own websites by adding a simple tag.
Coil CEO, Stefan Thomas believes that content creators needs more choice and control on how their content is distributed and monetized, adding that "Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe."
Coil reportedly uses an open API called Web Monetization to stream micropayments to creators in real time, it is built on the Interledger Protocol, which is co-created by Coil CEO, Stefan Thomas.
Thomas is also a former CTO at Ripple, while Ripple’s Xpring participated in Coil’s $4 million seed round. 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 makes it an ideal tool for Coil to offer an alternative monetization method and have a positive impact on creators.”
However, Ripple is yet to face the U.S Securities and Exchange Commission due to being taken to court by an investor, who claims it sold unregistered securities.