According to a press release published on October 1, 2019, GateHub, an XRP Ledger wallet and gateway, has announced a partnership with Coil, that enables content creators to monetize their websites and get paid in real-time.
Users can receive funds from streaming to a GateHub hosted wallet by using Coil. GateHub said that it has recognised the importance and value of cooperation to support the future of Web Monetization by improving ways of rewarding creators with the help of digital currencies.
Online content creators monetizing their content through Coil can now use GateHub to receive their earning in XRP. They can then convert their XRP earning into EUR, USD, BTC, ETH and also withdraw them to their bank account, Bitcoin or other desired accounts. Coil users can deposit or deposit funds via ILP which is only available in GateHub hosted wallets.
Gate said that it is very excited to be working with Coil and is looking forward to serving content creators around the world. Enej Pungerčar, CEO of GateHub, about this partnership, said:
“Money streaming is here! With a bright future ahead for Web Monetization and a growing interest in the Interledger Protocol, we are writing a new chapter with Coil. This is the start of a great partnership. Together we will bring this technology to a broader audience.”
Coil was founded by a former CTO of Ripple, Stefan Thomas. It uses an open standard called web monetization that allows online content creators to monetize their website or video content on YouTube without relying on ads and regardless of the number of their followers or subscribers. It rewards real-time micropayments to content creators for every second that subscribers enjoy on their websites or YouTube channels.
According to the press release published by GateHub, this platform supports creators, including writers and journalists, video creators, podcasters, streamers, musicians, photographers, and artists. For only $5 a month, coil users can enjoy unlimited access to exclusive content of coil creators.
Stefan Thomas, sharing his thoughts on this collaboration, stated:
“Our integration with GateHub provides creators with the ability to withdraw their web monetized earnings to any European bank account. This makes it much easier for creators and developers across Europe to experiment with and use Interledger and Web Monetization.”
This could be a good news for online creator as monetization of their website or YouTube channel with Goole AdSense and other paid ad platforms requires a very large amount of traffic and subscribers.