Xpring provided a grant of 1 billion XRP ($262 million at current exchange rate) for the development of Coil's "creators, consumers and strategic partners" community. According to Xpring Vice President Ethan Bird, the grant funds were written directly from Ripple's balance sheet.
Coil allows content creators to receive payment in XRP and fiat currency. In the future, the developers intend to implement the ability to withdraw funds to other cryptocurrencies.
Bird said that the company does not impose restrictions on him when making decisions about XRP investments from Ripple's reserves.
We want to create a solid ecosystem around XRP," he said. - We're different from traditional investors in that we're building the infrastructure and tools to make it easier for developers to work with XRP, and then we're supporting projects that add value to XRP.
Coil developers, for their part, plan to provide XRP grants to leading content creators. According to performer Riley Q, the platform is not yet very popular among content creators.
Earlier there was an information that Ripple became the figure of the new claim which initiators ask to recognize XRP as a security and to compensate losses which they have incurred on investments into cryptocurrency.