Ripple continues to inject XRP grants into a growing ecosystem of adjacent startups despite legal complaint alleging that XRP is a unregistered security.
Ripple’s Xpring participated in a $4 million seed round for Coil. Xpring issued a press release stating it gave a 1 billion XRP grant to Coil. The aim is “to assist the creation of a community of creators, consumers and strategic partners.”
Xpring Vice President, Ethan Beard, added that the XRP grant to Coil came directly from “Ripple’s balance sheet of XRP.”
The grant has catalyzed an incredible growth plan for Coil, including a $20 million investment in photo-sharing platform ‘Imgur’ and in video streaming startup ‘Cinnamon’.
Coil, launched in 2018, allows creators to post and monetize exclusive content. Streaming on Coil cost users a $5 monthly subscription fee. When users consume content from a Coil-compatible website, the content creators get payments in US dollars, ACH, Wire transfers, or XRP.
Coil uses the Interledger Protocol to stream XRP micropayments. That enables any currency or asset to be utilized for sending and receiving payments.
Xpring is a Ripple venture tasked with the creation of infrastructure to work with innovative blockchain ventures. Furthermore, their goal is to develop a dynamic network of entrepreneurs, developers, and organizations that are changing the industries utilizing techs like Interledger and XRP. Eventually, that will help Ripple grow the adoption of XRP.
Beyond Imgur and Cinnamon, Coil is also partnering with a mobile browser startup called Puma Browser.