As Coindesk reports, Ripple’s investment arm Xpring “continues to pump XRP into a growing ecosystem of adjacent startups.” The latest project is called Coil, an in-browser payment processing startup headed up by former Ripple CTO Stefan Thomas. Ripple and Thomas were the only participants in the $4 million seed round.
According to a press release, Ripple gave 1 billion XRP grant (worth roughly $265 million at today’s price) to Coil for help building a community of “creators, consumers and strategic partners.”
The funding will jump start an ambitious growth plan for Coil, including a $20 million investment in storied photo-sharing platform Imgur and an undisclosed amount in the video streaming startup Cinnamon.
The Coil platform allows subscribers to pay $5 a month so that when users consume content from a Coil-compatible website, the content creators — like musician Riley Q automatically receive XRP payments or fiat bank transfers via dollars. So far, Riley Q has earned XRP to the value of $3,400.
Thomas told CoinDesk, “Some of our top creators are earning thousands of dollars a month already.” However he declined to say how many users the platform has, or the total value of transactions to date.
Coil uses the Interledger protocol, which Thomas told CoinDesk will eventually support cash-out options for other cryptocurrencies. He said, “Our dream is that you get one subscription and can browse the whole web and support the creators you enjoy without ads or paywalls.”
The only problem faces at the moment is a shortage of content creators. Riley Q told CoinDesk, “There weren’t any artists on the platform yet and I saw it as an incredible opportunity to get in early. There’s not many untapped markets, but I managed to find one. I’m super excited for the future of crypto, Coil, and the music industry as a whole.”