Ripple content sharing platform has recently received a funding of 1 billion from its constituent Ripple Lab. Ripple Labs is the originator of Xpring, a root of the investments in XRP. Coil, on the other hand, is a financial platform that issues creative writers with their payments in small amounts. According to their reports, Ripple states that the $0.25 million will be used to come up with a platform that will enable rewarding and payment of content creators. Besides, the money will also be used to partially fund the marketing section of the firm, including delivering secure messages of the brand to the people. Moreover, the remaining funds will be used in partnership processes with other companies in a long-term strategy of expanding the firm’s portfolio.
Recently, Coil partnered with Imgur at funding that closed on 21 million dollars. The funds are an investment to the partnership on their new platform. Consequently, the new Coil Platform was officially introduced in May and kicked off with a subscription fee to allow people to access it. The subscription goes for five dollars monthly. The subscription fees are used to pay the content creators according to the amount of content that is viewed. The amount of the reward is also contingent on the amount of work that is available in their handles.
According to the CEO of the firm Stefan Thomas;
“Since it started, the platform has released awards of more than 10 billion payments to the creative builders. The payments can be effectively withdrawn from fiat or the XRP money system”.
He further confirms that the firm is improving its undertakings to pave the way for the expansion of the platform so that it can benefit more people. Stefan Thomas was the CTO of Ripple Labs before he moved to the position of Corporate Officer at Coil.
One staff from Xpring gave out a reason why Coil chose XRP.
He said, “XRP is efficient in their work; their transactions are cheap and fast.”
He also added that the kind of work XRP does supplements the work of Coil, therefore improving the business relations between the two firms. Xpring has been working with Coil in the 4 million dollars seed which was closed at the beginning of this month.
Coil wants to expand its partnership with XRP, although it has been using it as a substitute in debt payment. The move comes as XRP continues to receive more significant investments deals. Xpring is not left behind as it is currently investing in 0.5 million-dollar funds in XRP. This is part of Ripple’s objective to expand their utilities.