Coindesk reports this morning that major cryptocurrency firm Ripple has given away some billion of its XRP token, worth about $265 million, to an organization called Coil that links subscribers to cryptocurrency receipts.
“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 and the XRP-enthusiast blogger known as Hodor – automatically receive XRP payments or fiat bank transfers via dollars,” writes Leigh Cuen. “Riley Q told CoinDesk she’s earned $3,400 worth of XRP so far.”
“As subscribers consume content, Coil ‘uses an open API called Web Monetization to stream micropayments to creators in real time.'” adds Siamak Masnavi at CryptoGlobe. “Examples of creators supported by the Coil platform are ‘writers and journalists, video creators, podcasters, streamers, musicians, photographers, and artists.'”
The move shows how important community is for crypto.
Much like software developers might tout the power of their engineering community, crypto leaders will promote the power of their user communities, and that is apparently worth an enormous amount of money to Ripple.
Cuen writes that Coil hopes to “attract … a digital media empire” and that its subscription service is aimed at enabling a good user experience on the web.
If you’re involved in crypto investing, you’re already looking at Ripple, because it’s widely known as the second or third cryptocurrency after Bitcoin and possibly Ethereum.
We’ve reported lately how Ripple wants to get in the good graces of regulators in order to ensconce itself in the fintech and cryptocurrency world.
Now we see Ripple reaching out to a user base through an enormous investment characterized as a ‘grant.’
Will these efforts ultimately be successful?
These are big moves, and they will either propel Ripple to great heights, or they won’t. Stay tuned.