Ripple's investment subsidiary Xpring has granted 1 billion XRP to Coil, a micropayments platform for content creators, aiming to drive adoption of the world's third-largest cryptocurrency by market capitalization.
The grant, worth roughly $262 million at today's price, will be used to improve Coil's business model by making it easier to monetize content using Ripple's Interledger Protocol that enables streaming micropayments, Coil announced Thursday.
"Current monetization models are broken, and cater to large companies that are able to collect and sell user data as well as advertise on their platforms," said Ethan Beard, vice president at Xpring, in a separate blog post on Thursday.
Coil aims to make it easier for content creators, such as journalists and video creators, to monetize and distribute their content across the web. The platform also raised $4 million in a seed funding round, with participation from Xpring, per the announcement.