Ripple grants 1 billion XRP to content platform Coil to boost adoption of the token

Investments • August 15, 2019, 10:45AM EDT
UPDATED: August 15, 2019, 10:53AM EDT
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Ripple's investment subsidiary Xpring has granted 1 billion XRP to Coil, a micropayments platform for content creators, aiming to drive adoption of the world's third-largest cryptocurrency by market capitalization.

The grant, worth roughly $262 million at today's price, will be used to improve Coil's business model by making it easier to monetize content using Ripple's Interledger Protocol that enables streaming micropayments, Coil announced Thursday.

"Current monetization models are broken, and cater to large companies that are able to collect and sell user data as well as advertise on their platforms," said Ethan Beard, vice president at Xpring, in a separate blog post on Thursday.

Coil aims to make it easier for content creators, such as journalists and video creators, to monetize and distribute their content across the web. The platform also raised $4 million in a seed funding round, with participation from Xpring, per the announcement.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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