The well-liked image hosting site, Imgur divulged that it has received $20 million in venture equity from Coil, which is a micropayments tool for content makers.
It is to be noted that Imgur has agreed to build Coil into its platform, apart from funding. Remarkably, Imgur gets an online traffic of 300 million monthly users. Partnership with Coil is aimed to provide micropayments to users who consume content, as per a report from TechCrunch.
Notably, the aforementioned partnership will also be followed by an impending premium membership of Imgur with exclusive content and features for Coil subscribers. It is to be noted that a five dollar per month Coil subscription funds the content creators per second that the member use up consuming their content at a rate of thirty six cents per hour.
Imgur, Coil, and Ripple [XRP] Labs
The founder and CEO of Imgur, Alan Schaaf mentioned in a press release that Imgur commenced in the year 2009 as an award to the internet. He added that over the last ten years, they have put together one of the biggest, most optimistic online communities, based on their core value to give more than they take. He further added that the technology of Coil will open up new-fangled prospects for users to give to one another and hold up the community in novel methods.
Coil was founded by the former CTO of Ripple Labs, Stefan Thomas, last year. It is created as a means to reward creators for their toil. Notably, the subscription service of Coil is now in open beta, and it provides extensions for Firefox and Chrome.
Coil’s Web Monetization API of Coil automatically rewards creator in XRP on the basis of usage, as compared to Spotify. On the other hand, the user has the advantage of the flat subscription fee.
Imgur Funding – Reddit, Adreessen Horowitz, & Ripple Labs Xpring
Beforehand, Imgur received a Series A funding of $40 million from Reddit and Andreessen Horowitz.
Notably, Coil’s investment comes from Ripple Labs’ Xpring Initiative. The initiative primarily intends to fund build-up of the Ripple XRP network. Interestingly, the funding received by Imgur is in terms of fiat US dollars and not crypto.