Coil operates a subscription payment platform (users pay $5/month) that routes micropayments to content creators in XRP or fiat via the Interledger protocol. The product automatically pays creators when users consume content on Coil-compatible sites; some top creators are already earning thousands of dollars a month and one creator, Riley Q, reported earning $3,400 in XRP. Coil runs a “Booster” program that awards XRP grants to top creators (collectively about $10,000 by May). The company has used its funding to pursue an aggressive growth strategy, including a $20 million investment in Imgur and an undisclosed investment in streaming startup Cinnamon, and a partnership with Puma Browser. Coil says Interledger will eventually support cash-out options for other cryptocurrencies. The company declines to specify overall user counts or the value of transactions facilitated.

Total raised

$4M

Funding rounds

2

Latest round

Seed

Latest activity

Aug 2019