Ripple Inc. has announced a weighty investment in a nascent web monetization platform Coil, created by a former Ripple’s CTO.
As contained in a message, Ripple’s investment arm, Xpring, states it is partnering with Coil, and has therefore granted the platform 1 billion XRP in other to gather customers and creators alike onto the platform.
According to the announcement, the funds from the grant are to be deployed to the platform over time.
The reasons behind the partnership is to increase the adoption of XRP through Coil’s platform, Ripple’s investment section Xpring claimed.
The fund is expected to provide liquidity and utility to the Coil’s ecosystem of companies, nonprofits, creators and companies making use of XRP through Coil.
Coil uses ILP. The platform creates new business model around micropayments that gives creators, curators and even users the opportunity to reward and support one another using XRP digital currency.
Coil uses XRP to compensate creators on its microblogging platform, and it is expected to showcase the potentials of XRP with time.
Coil has been an excellent performer since launch. In less than a year, the web monetization platform has processed nothing less than 10 billion payments to creators on its platform.
Ethan Beard, SVP at Ripple who broke the news, said “partnering with Coil is a natural fit for us not only because of the team’s DNA — which includes folks like Stefan Thomas who served at Ripple’s CTO for many years and is a co-creator of ILP — but also for its natural alignment with XRP and ILP.
The fund provided by Ripple’s Xpring will give the privilege to build platforms that make use of ILP and XRP to thrive, thereby increasing the adoption of the digital currency.