Over the past few years, plenty of cryptocurrencies have come to the fore due to the example set by Bitcoin and one of the most interesting cryptocurrencies to have emerged during that time is XRP, which is backed by San Francisco-based Ripple. It is the third biggest cryptocurrency in the world by market cap, and over the course of the past few years, Ripple has been working tirelessly to create an entire ecosystem powered by XRP.
On Thursday, the company announced that it is going to invest $4 million in Coil, a payment processing system that will be available in browsers. Coil is headed by Stefan Thomas, the former Chief Technology Officer of Ripple.
The company made another very interesting announcement that will definitely create a buzz in the crypto sphere. It stated that it is going to give away as much as 1 billion XRP tokens to Coil so that the company could build an ecosystem.
The value of the XRP that is being given away by Ripple is valued at around $265 million as per the current price of the cryptocurrency. The giveaway is going to accelerate the growth of Coil in a big way at a time when many highly innovative payment services are being created by developers all over the world.
In addition to the investment by Ripple, Coil has also attracted an investment of $20 million by Cinnamon, a video streaming firm, and Imgur, a photo-sharing platform. For XRP, this is an important development, because Coil will allow people to receive payments in XRP and that could ultimately lead to wider use of the cryptocurrency in the real world. At the end of the day, it is the possibility of widespread use that could raise the price of any cryptocurrency significantly.
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