Ripple-Backed Web Monetization Platform Coil Now Supports XRP

Web monetization platform Coil now supports XRP payments in real-time thanks to a partnership with payment gateway and XRP Ledger wallet provider GateHub.

An official press release published on Oct. 1 noted that Coil users can now use GateHub to receive funds in XRP and convert them into EUR, USD, Bitcoin (BTC) and Ethereum (ETH). 

Real-time micropayments for content creators

Coil is a platform that provides an alternative method for creators to monetize their content online. As subscribing fans consume content, the platform uses an open API called Web Monetization to stream micropayments to creators in real time.

The API is built on the Interledger Protocol, co-created by Stefan Thomas, Coil CEO and former Ripple CTO.  

As Cointelegraph reported on Aug. 15, Ripple’s investment arm, Xpring, also participated in Coil’s $4 million seed round and provided a 1 billion XRP (roughly $265 million) grant to the platform this August.

Coil supports monetization for diverse content creators across literary writing, journalism, music, photography and podcasts, charging content consumers a $5 monthly subscription fee to access the site.

A push for decentralized content monetization

On Sept. 17, Coil and open-source browser Mozilla teamed up with Creative Commons — a nonprofit that provides free licenses for creators — to establish a $100 million grant program for web monetization.

The program offers a series of  $1,000–100,000 grants to developers and creators who support web monetization, with a plan to reserve the lion’s share of the funds for openly licensed software and content.

Also in September, Ripple’s Xpring has acquired payments platform Logos Network to develop decentralized financial products and applications.