Ripple, the crypto project that focuses primarily on the financial sector, has indirectly invested in Imgur. This was done via “Coil”, a project that was founded by the former CTO of Ripple.
Coil is a company that was founded by Stefan Thomas, former CTO of Ripple. The company offers a platform for micropayments, for example , or transactions with very small amounts. Coil invested approximately $ 30 million in Imgur.
That $ 30 million came from Xpring, a venture capital fund from Ripple Labs. The purpose of this fund is to stimulate the use of the smart ledger and the XRP token outside the financial world. With its current products and platform, Ripple focuses primarily on banks that want to make fast international transactions possible.
Thanks to the investment, Imgur, a well-known online content sharing platform, will implement Coil’s techniques. Imgur plans to offer a subscription to make it easier for content creators on the platform to earn money. Among other things, the subscription gives visitors access to exclusive content.
In a response, Imgur’s CEO, Alan Schaaf, said the platform wants to give contributors more in return than it takes. Schaaf also said:
Coil’s technology offers new opportunities for users to give each other things and support the community in new ways.