Ripple is one of the cryptocurrency firms most noted for their efforts in pushing for increased adoption in the cryptocurrency sector. Its RippleNet, a network of financial institutions using various Ripple solutions for speedy cross-border payments can already boast of hundreds of members and now, Ripple has decided to yet again put in a large investment into the sector through it’s investment arm.
According to an announcement on Thursday the 15th of August, Ripple took part in a seed round for $4 million, to support Coil, a payment focused startup firm. The investment was done through Xpring, Ripple’s investment initiative.
Apart from the above seed fund, Ripple is also helping Coil through Xpring, to support its goal of facilitating an ecosystem for “creators, consumers and strategic partners.”
Content creators who are registered with the Coil platform can earn XRP for their content. Websites that have incorporated the Coil platform charge their subscribers a $5 fee and the funds are then used to pay these content creators using dollar Bank transfers or XRP payments.. Musician, Riley Q has mentioned that she’s received more than $3,000 since she joined. She spoke about the platform and her decision to join saying:
“There weren’t any artists on the platform yet and I saw it as an incredible opportunity to get in early. There’s not many untapped markets, but I managed to find one. I’m super excited for the future of crypto, Coil, and the music industry as a whole.”
Ethan Beard, the Xpring Vice President, has also spoken about the investment initiative and how it plans to move forward with further investments.
“Our focus is on building a robust ecosystem around XRP. We’re different from traditional investors in that we build infrastructure and tools that make it easier for developers to build with XRP, and then we support projects … around increasing the utilization of XRP.”