Crypto businesses are constantly trying to find ways to improve their business and expand the score of it. Crypto business is only as good as its ecosystem, and building such an ecosystem is of utmost importance.
Ripple is working on expanding its ecosystem on various fronts. Through its Xpring initiative, the crypto business has announced a grant worth a 1 billion XRP grant (+/-$256 million) which has been given to Coil, a web monetization platform.
The investment by Ripple shows that the firm intends to develop one of the best ecosystems in the crypto industry.
According to Ripple, the funds will be channeled towards building an ecosystem for various participants in the crypto industry. The ecosystem will be designed for developers, non-profits, creators, and developers who use the XRP token.
Ripple also plans to use part of the grant to push awareness of Coil among the crypto community and the world in general.
The crypto company wants to provide creators and their fans around the world with a platform that given them fair and open opportunities. Cryptocurrency offers its users better options as far as monetizing their work and getting fair compensation for it goes.
Coil is a publishing platform which allows its users to post their content and get paid when the content is streamed. The platform was launched in 2018, and it charges a subscription fee of $5 per month for users.
Payments from the platform to content creators are done in USD, XRP or wire transfer depending on what a creator prefers.
Through an inter ledger protocol, XRP micropayments can be streamed in real-time. On the platform, any crypto asset can be used to send and receive payments.
Users can make use of their XRP wallet to transact and receive funds, and if Coil blows up, the value and trading volumes of XRP tokens will grow.
Stefan Thomas, CEO of Ripple, said that their ultimate aim is to create a platform on which users can make one subscription and have access to all the content creators they enjoy without dealing with paywalls or ads.
The investment made by Xpring in Coil came directly from Ripple’s balance sheet said Ethan Beard, Xpring’s Vice President. This is not the first investment that Ripple has made using its Xpring platform.
There have been a variety of investments made into large scale companies and small scale independent developers, and all have the ultimate aim of improving the firm’s ecosystem.
Ripple revealed that they have made over $500 million worth of investment to over 20 companies in the crypto space. The company may be one of the most prominent investors in the blockchain space, and they are definitely looking to build a stable and sustainable ecosystem. If Ripple keeps growing its ecosystem at its current pace, the XRP token will keep climbing up the crypto markets.