Coil is a firm committed to the development of a better business model for the web and is among the firms that Ripple contributed to the most. Ripple offered a 1 billion XRP grant to Coil and invested $4 million in the firm in a funding round last year. Coil introduced four initiatives towards enhancing the speed of cryptocurrency and blockchain technology adoption.
Coil was able to design a plugin for website owners’ easy integration of its platform and it has been released for WordPress websites. The plugin allows fans to reward publishers with cryptocurrency assets like XRP and fiat currency. That is, website owners using WordPress can use this plugin in monetizing their free and premium content.
The new collaboration between Coil and wallet provider Uphold will enable payouts in over 50 currencies and bank connectivity in 35 nations. This collaboration gives Coil creators access to Uphold’s new debit card payout feature. Founder and CEO of Coil, Stefan Thomas, noted the following while speaking about the new plugin:
“Now, more than ever, publishers and individual creators are seeking new revenue streams. At the same time, consumers are suffering from site-by-site subscription fatigue and the invasive privacy issues associated with ads. With the introduction of the Web Monetization plugin and more payout options for publishers and creators around the globe, our goal is to provide more freedom of choice and less friction for everyone.”
Mojaloop is an organization established by Bill and Melinda Gates, which provides the unbanked access to financial services with blockchain technology. Coil is Mojaloop’s supporter and Coil claims to be part of Mojaloop’s emergence in the nonprofit space.
On May 5, Coil announced the alpha version of an ad-free version of the renowned photo-sharing site Imgur via Twitter. Emerald facilitates the integration of Coil and offers subscribers several exclusive features.