Xpring, the incubation arm of Ripple, continues the streak of its investments with content monetization startup Coil, which recently received a 1 bln XRP grant (about $265 mln at press time).
In such a way, the San Francisco-based crypto juggernaut wants to streamline the adoption of XRP and Interledger.
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Notably, the upstart company is spearheaded by Ripple’s former CTO Stefan Thomas. Along with Ripple, he took part in Coil’s recent seed funding round that amounted to $4 mln.
Coil offers creators a brand-new way of monetizing their content (apart from advertising and site-by-site subscriptions). It offers its users a $5 monthly subscription that would allow creators to monetize their content on different Coil-supported websites.
Coil’s API, which is called Web Monetization, is powered by Blockchain-agnostic protocol Interledger.
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.
On Aug. 6, Equilibrium Connect, a stealth startup that focuses on the development of tools for Interledger, also made an announcement about receiving an investment from Ripple.
As reported by U.Today, Xpring plans to put $500 mln into 20 companies. The list includes Scooter Braun’s Ithaca Holdings, which turned the A-list celebrity manager into a member of the #XRPArmy.