Ripple giveaway is now starting in a bid to pump XRP into the growing startup ecosystem despite the legal battles that XRP is unregistered security. In today’s coming altcoin news we dig a little deeper to find out what exactly is going on.
According to the latest announcement on Thursday, Ripple’s investment arm Xpring participated in the $4 million seed round for the in-browser payment startup Coil which was spearheaded by the ex-Ripple CEO Stefan Thomas. Xpring announced that it will start a Ripple giveaway of 1 billion XRP grant to Coil in order to help it build a community of ‘’creators, consumer and strategic partners’’ according to the press release. The XRP granted to the Coil startup come straight from the balance sheet of Ripple’s XRP according to Ethan Beard who is the vice president of Xpring. The funding was initiated by an ambitious growth plan for Coil including the $20 million investment in the photo-sharing platform Imgur and into the Cinnamon startup as well.
The Coil platform now allows its subscribers to pay up to $5 a month so when a certain user consumes content from a compatible website, the content creators automatically receive XRP payments or fiat bank transfers via dollars. One musician Riley Q also stated that she earned more than $3,400 worth of XRP so far by saying that:
“There weren’t any artists on the platform yet and I saw it as an incredible opportunity to get in early. There’s not many untapped markets, but I managed to find one. I’m super excited for the future of crypto, Coil, and the music industry as a whole.”
Thomas also noted that some of the top creators are earning thousands of dollars a month thanks to this platform. Coil relies on the Interledger protocol which Tomas says that it will eventually support cash-out options for other cryptocurrencies:
“Our dream is that you get one subscription and can browse the whole web and support the creators you enjoy without ads or paywalls.”
The CEO Thomas believes that Coil is running a Booster program that will pay XRP grants to top clients with top content on the media platform as reported in the latest cryptocurrency news.
MoneyGram And Ripple Extend Their Partnership With $11.3 Million
"MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities."Nothing in the SEC filings state what Ripple's investment will be used for. Still, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain product named ODL (On-Demand Liquidity) to facilitate cross-border payments.
"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."MoneyGram and Ripple already were in a financial tie. The two firms announced their partnership back in January 2018 when MoneyGram decided to integrate XRP into its payment system. In June 2019, we saw that the two firms entered into a partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. The blockchain news then showed that Ripple followed through with a $50 million investment, completed in November. Despite the close working relationship, not all money transfer methods are being handled by Ripple. Reports recently showed that MoneyGram unveiled FastSend, a service which allows for real-time money sending based on Visa. While Ripple is doing good by expanding its partnerships and actively improving its blockchain, the token is falling down just like many other altcoins. Right now, the Ripple news and XRP updates show that the coin is in a 8.33% decline, going to new levels at $0.2438 in the wake of a major selloff which occurred on the markets overnight. The total cryptocurrency market today is at $261 billion.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
“#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.
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