Creators Platform Coil Receives 1B XRP Grant
The crypto-powered reward platform received a seed round in its effort for content monetization.
Coil, the crypto-powered content creation platform, received a seed round of 1 billion XRP to continue on its mission for alternative monetization.
The news arrives just days after Ripple’s XRP received another round of criticisms, as well as claims the company was selling unregistered securities. Ripple has been known to distribute XRP to various organizations as a form of popularizing the asset.
"Creators want more choice and control over how their content is monetized and distributed," said Stefan Thomas, CEO and founder of Coil and co-creator of the Interledger Protocol. "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."
Coil will use a part of the grant to boost its popularity and adoption. Coil is a relatively new platform, attempting to disrupt the current advertising and subscription model to monetize content. The platform launched in May 2019, and is still building up its user base.
Coil has a previous connection to Ripple, as it was founded by Stefan Thomas, a former CTO for the company. The content monetization platform will aim to use XRP and the Xpring initiative will ensure that value moves through the Internet in a seamless fashion.
In the past, content monetization based on crypto assets has been proposed. But those models quickly devolved to bot-driven schemes, where influence was more important than the actual content. Coil uses a partial subscription mechanism to support creators, but there is also the possibility to connect sites to the network and monetize them.
Currently, the XRP asset trades around $0.26, and has remained stagnant in 2019, despite the significant efforts of Ripple to popularize the coin. Ripple still owns significant stores of XRP, and traders have pointed out the organization may be actively boosting the asset’s position by measured selling.