Ripple grants 1 billion XRP tokens to blockchain start-up Coil

Ripple grants 1 billion XRP tokens to blockchain start-up Coil

“We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage,” Garlinghouse told Yahoo Finance UK last Friday.

“Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be,” he added.

Coil was founded in 2018 by Ripple’s former chief technical officer Stefan Thomas. In May of this year, the start-up launched a platform that enables streaming of XRP micropayments to content creators.

The grant from Ripple is worth $260 million at current XRP prices. The cryptocurrency experienced a big sell-off on Wednesday, which led to the coin hitting a 20-month low of $0.252 during that session. The coin has been able to recover only a small portion of its losses in subsequent trading.

In today’s trading, the XRP price stood at $0.260, as of 15:21 BST. The digital currency has lost just over 1% of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $11.17 billion.

Featured image: Stanslavs / Shutterstock.com

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The post Ripple grants 1 billion XRP tokens to blockchain start-up Coil appeared first on The Independent Republic.

 

source: https://theindependentrepublic.com/ripple-grants-1-billion-xrp-tokens-to-blockchain-start-up-coil/

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