Ripple has announced plans to expend over $260 million in XRP to content monetization platform Coil, a content monetization firm. Ripple’s investment arm Xpring reportedly participated in a $4 million round for the startup. According to a press release, Ripple’s donation is for establishing a community of “creators, consumers and strategic partners,”
Coil already provides a platform for content creators such as musicians to share content and receive payment for content used by consumers. Some content creators have already started earning compensation in US Dollars or the XRP equivalent.
“Our dream is that you get one subscription and can browse the whole web and support the creators you enjoy without ads or paywalls,” Ripple CTO Stefan Thomas said.
Although Ripple has become a major player in the cross-border remittance industry, its native token XRP has not done well in the market. Its price has not made any significant progress so far, it has been stagnant at best. Could the Coil investment be a step towards diversifying Ripple’s investment since XRP’s performance isn’t very impressive?
The company seems to be serious about expanding as the Senior Vice President in charge of Xpring, Ethan Beard said Ripple has not placed any limit on how much to invest in the startup. Xpring had earlier partnered with gaming startup, Forte to create an ecosystem that supports game developers. The partnership involved Ripple providing $100 million while Forte provided the technical expertise. These are just a few of the investment partnerships Ripple has gotten in.
XRP Still Sinking
Despite the partnerships and the most recent announcement, XRP is still in a dip like every other cryptocurrency. At the time of writing this article, it has lost 6.78% in the last 24 hours. The third-largest cryptocurrency entered the month of August trading at $0.3 but has since declined to $0.26 today.
XRP may eventually pick up and see a real price growth as it continues to see more adoption in other sectors other than remittance settlement.