Blockchain software and payment company Ripple has become the target of criticism with the hard crash of XRP, the third biggest cryptocurrency compared to the total market value and its decline to the level of a year ago. In a recent announcement, Ripple’s investment partner, Xpring, announced that it has donated 1 billion XRPs to Coil, a platform designed for content producers.
Giant Donation from XSpring to Coil
According to the market price of the donation, the total value of 1 billion XRP is approximately 262 million dollars. The donation will be spent directly to develop Coil’s business plan and cash in content more quickly using Ripple’s Interledger Protocol.
Coil mentioned the importance of this donation with a tweet from his official account. Ethan Beard, vice president of Xpring, said in a blog post that the money-making models available no longer work, and that big companies are advertising their own platforms and collecting and selling user data. The main goal of the Coil is to enable those in the content industry, such as journalists or video producers, to make their content more convenient for money over the Internet.
Excited to announce a 1 Billion XRP grant from #Xpring @Ripple! This accelerates our efforts to level the playing field for creators by providing a better way to support content across the web. #WebMonetization @Interledger https://t.co/lVUx5hKkAY pic.twitter.com/eznjlmgPZA
— Coil (@Coil) August 15, 2019
In addition, legendary analyst Peter Brandt said today that the worst scenario for the XRP would continue.