Ripple to Give Away 1 Billion XRP in Massive Bid to Fund Online Content
Summary
Announced Thursday, Ripple’s investment arm, Xpring, participated in the $4 million seed round for the in-browser payment processing startup Coil, spearheaded by former Ripple CTO Stefan Thomas. ) Xpring also announced Thursday that it gave a 1 billion XRP grant (worth roughly $265 million at today’s price) to Coil for help building a community of “creators, consumers and strategic partners,” according to a press release. The funding has catalyzed an ambitious growth plan for Coil, including a $20 million investment in storied photo-sharing platform Imgur and an undisclosed amount in the video streaming startup Cinnamon. “I think gaming is actually going to become a pretty big priority for us,” Dybskiy said, adding that openness to assets beyond XRP is what attracted him to work with Interledger, starting last year. It’s a great interoperability protocol.” The two-person Puma Browser team is currently courting investors to raise a round of its own, including Xpring and other funds in the XRP ecosystem.
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