Coil, founded by former Ripple CTO Stefan Thomas earned the capital directed to Imgur from the Ripple Labs’ Xpring Initiative. The initiative’s main aim is to fund the growth of the XRP ecosystem beyond the banking and payments space it has focused on.
Ripple is known as the blockchain for international payments settlements. Its partnerships, however, are varied, displaying the blockchain startup’s different use cases. Imgur, for instance, has received $20 million as venture equity from Coil.
The Ripple token is the third largest cryptocurrency by market data, but its deployment is still low. The Xpring initiative aims to gather more entrepreneurs and their startups into the Ripple smart ledger while making use of XRP as well. The Ripple project utilizes grants, incubation, and investments to lure in entrepreneurs to XRP usage.
The Ripple’s Xpring fund to Coil and then Imgur was however in USD, and the Coil CEO is officially part of the Imgur board. In return, Imgur will integrate Coil into its platform that has at least 300 million users on it each month.
Through Coil, the platform will manage micropayments to viewers of content. The Imgur – Coil partnership is further marked by another development on the content creation focused site.
Coil Invests $30 Million in Imgur
Imgur is commencing a premium platform membership that will feature exclusive content and features for Coil subscribers. The $5 per month subscription fee will help recompense content creators each second their creation is consumed on the platform. The going rate at this moment is 36 cents each hour.
Alan Schaaf, the Imgur CEO, describes his platform as “a gift to the internet.” Started in 2009, Imgur has become the epitome of positive online communities. Schaaf says that his startup’s ethos is to give more than it takes from its contributors. In a press statement, the CEO said :
“Coil’s technology will open up new opportunities for users to give to one another and support the community in new ways.”
The Kava Labs’ Specification for XRP
In similar fashion Cosmos SDK, the software behind the Cosmos Hub has released an XRP peg zone. The Cosmos framework has become the architecture of choice for the building of the decentralized economy applications.
As an illustration Binance, the world’s largest crypto exchange DEX is built on the Cosmos framework. Cosmos though was initially designed for assets like Bitcoin, and so has had to make peg zones for Ethereum and now the Kava Labs’ specification for XRP. Similar peg zones for other significant assets are in the works. Eventually, these innovations will bring in a lot of value to Cosmos.
Kava Labs provides DeFi applications with the interoperable functionality and benefits of Cosmos. Kava will support digital assets such as ATOM, XRP, and Bitcoin. All assets supported by Cosmos can be used as collateral in Kava. By bringing XRP to Cosmos through Kava, DeFi services will come to the Ripple token. Consequently, hedging and leverage will be availed to users of the crypto asset.