San Francisco-based fintech company Ripple continues to pump XRP into a growing ecosystem of adjacent startups – despite an ongoing legal complaint alleging that XRP is an unregistered security.
Announced Thursday, Ripple’s investment arm, Xpring, participated in the $4 million seed round for the in-browser payment processing startup Coil, spearheaded by former Ripple CTO Stefan Thomas. (Thomas and Ripple were the sole participants in the round.)
Xpring also announced Thursday that it gave a 1 billion XRP grant (worth roughly $265 million at today’s price) to Coil for help building a community of “creators, consumers and strategic partners,” according to a press release. The XRP granted to Coil came directly from “Ripple’s balance sheet of XRP,” according to Xpring Vice President Ethan Beard.
The funding has catalyzed an ambitious growth plan for Coil, including a $20 million investment in storied photo-sharing platform Imgur and an undisclosed amount in the video streaming startup Cinnamon.