According to reports, Coil, the Ripple-based content sharing platform has received one billion XRP in funding. The funding came from Ripple Labs. Ripple Labs is the investing arm of Ripple’s, Xpring. While Coil is a Ripple-based monetization platform that reportedly rewards content creators on its forum with micropayments. XRP price is currently on a downward area and is trading at a low of $0.26.
XRP (XRP) Price Today – XRP / USD
Fresh Investment in Coil is Equivalent to $0.25 Million
Per the announcement, the latest investment in Coil is worth quarter-million dollars or $0.25 million going by the current price of XRP against the USD. The funds will be used to create a system that will give organizations and creators the opportunity to share reward content. Additionally, part of the funds will be used for market purposes. This will include creating awareness for the brand and some collaborating firms.
Coil Has Invested $21 Million in Imgur
It should be recalled that Coil has previously revealed a partnership with Imgur. Coil has also revealed that it has invested $21 million into the company. Note that, Coil’s platform which was officially launched in May of this year has so far been a success. The platform has operated on a subscription basis. Each user has to subscribe for $5. This is then awarded to the content creators based on streaming and the total sum of content that has been posted on their sites.
Stefan Thomas who currently serves as the chief executive officer of Coil, was once the chief technical officer of Ripple Labs. Since Coil was launched, the platform has reportedly rewarded more than 10 billion micropayments to its content creators.
The rewards can be withdrawn in either fiat or XRP tokens. The company hopes to boost the number of such types of payments in the near future. According to one senior member of Xpring, Coil chose the XRP token because it offers rapid transactions. It completes transactions at a low price which is ideal for the type of monetization that Coil provides for its users.
Coil is Unlikely to Convert Latest XRP Investment to Fiat Any Time Soon
Xpring was reportedly the only external source that was investing in Coil’s $4 million seed round which was concluded earlier in the month. Although the XRP token is currently used for cross-border settlement, the company is looking to take it a step ahead. This is because Xpring alone has also invested over half-a-million USD in XRP projects alone. Additionally, even community-run funds are creating projects on XRP.
In fact, one of such projects was actually launched last month. Nevertheless, Ripple has been shifting its investment into different sectors as it tries to expand its utility. The goal is to keep its focus on improving the XRP ledger. Regardless, how the above-mentioned institutions are using the xRapid product is still unclear.
Although Coil will surely be happy with its latest milestone, the content sharing platform is unlikely to convert the 1 billion XRP tokens into fiat soon. This is because the price of XRP is now trading low at $0.26. This means the digital currency is almost 40% down from its price position at the beginning of July.