Coil, a platform that enables publishers to monetize their content, has recently announced that the company has received a grant of 1 billion Ripple (XRP) trade digital coins from Ripple's project Xpring. This grant is intended to increase the use of XRP as micropayments on Coil's platform; in addition, the grant will advance Co-Monetization platform to create the new standard of Web Monetization.
Cryptocurrency. Xpring is an initiative started by. Coil, interestingly, was started by Ripple's former CTO, Stefan Thomas. The company aims to create a better business model for the web where publishers and creators can monetize their content across the web. Coil's monetization platform supports writers and journalists, video producers and streamers, photographers, artists and many other.
It is designed to boost XRP adoption and further advance the Interledger Protocol (ILP) through essential development of the monetaryization platform, which allows it to release micropayments on real-time basis. With this, the company is aiming to create an ultimate web standard on interledger that enables micropayments in any currency.
Emphasizing the needs of creators, the CEO and founder of Coil and co-creator of the Stefan Thomas Interledger Protocol, said that creators want complete control over the monetization and distribution of their content.
“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. "
XRP to develop an infrastructure that invites all sorts of creators, developers, companies, and nonprofits that will be used by the XRP cryptocurrency through the newly developed
The company has also announced that it will utilize a portion of the grant for promoting and spreading awareness regarding the platform among creators and consumers. Coil has already partnered with two popular media services and raised investment from them. First being, Imgur, the community-powered entertainment platform; and second, Cinnamon, a video streaming service.
Creators can join the community with $ 5 monthly subscription and can monetize their content. As consumers enjoy its content and subscribe, it will release XRP micropayments to the creators using ILP. Creators can opt for the virtual currency in which they want to receive and receive payments. Currently, the platform supports U.S. Dollar for withdrawals and creators can receive their payouts by check, ACH and wire transfer or they can opt for XRP payment.