Ripple’s Xpring on Aug 15, announced a 1 billion XRP (roughly $265 million) grant to Coil. Coil is a platform dedicated to reimagining monetization on the web for creators and their fans. The official Twitter handle of Coil tweets,
“Excited to announce a 1 Billion XRP grant from #Xpring @Ripple! This accelerates our efforts to level the playing field for creators by providing a better way to support content across the web.”
Coil will reportedly use the funds to create an ecosystem for creators, developers, companies and nonprofits that use XRP through the Web Monetization open standard. Coil CEO Stefan Thomas commented:
“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.”
“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.”
About Coil and Xpring
Coil was founded by Stefan Thomas, former CTO of Ripple in 2018 to build a better business model for the web. Coil’s platform is designed in a way so that the content creators will monetize their content across the internet.
While Xpring is Ripple’s initiative to develop infrastructure and collaborate with innovative blockchain projects to increase the adoption of XRP.
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