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COIL – The new business model

Ripple CFO founds new company: COIL

Ripple Tech Adoption

Ripple’s solutions are being tested by various companies that find Ripple an attractive solution as they attempt to improve existing services that take place when it comes to cross-border remittance. Despite us calling them tests, its a win every time because cryptocurrency exceeds expectations at every turn.

Keeping in mind that their products [xVia, xRapid, xCurrent] are very reliable and functional, not many find it surprising that banks or financial related firms try to utilize the technology. As an example, Bank of Ayudhya will be testing again. Mitsubishi Corporation announced that international transfers will be performed via the products. This will be in Singapore and Thailand.

The above mentioned partnerships -together with a myriad of other partners and testbeds -are without doubt major impacting factors when it comes to Ripple’s long term. They showcase how reliable the network and platform is.

Both Mitsubishi Corporation and Standard Chartered are among the world’s powerhouses. Their liquidity is absolutely without question. If they can turn to Ripple after the pilot works well, that could change its history for good.

Presenting COIL

Ripple’s CTO – Stefan Thomas, has announced via twitter a new startup building micropayment
apps on interledger and XRP. He will be stepping down as the CTO of Ripple and starting a new company: Coil

Other significant names on the company board include Chris Larsen, co-founder of Ripple and ‘the richest person in cryptocurrency’, and Evan Schwartz, co-inventor of the ILP.

To have better rewards for individuals using the platform while producing better incentives for digital content and apps, the business model will use Ripple’s interledger protocols. Stefan Thomas stated that Coil’s first commercially available product will be a flat rate subscription-based service, where users will be able to support creators, bypass paywalls, reduce ads, and ‘unlock additional features’.

There is still no release date announced, but it is expected to be on the web in the near term. The firm behind the coin will be backing up the project completely.

 

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Mercuun

IT and Blockchain enthusiast, geek and gamer since for ever.

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