Crypto Platform Uphold Teams With Web Monetization Provider Coil

News | May 20, 2020 By:

Cryptocurrency platform Uphold has announced its partnership with web monetization provider Coil.

Uphold, formerly Bitreserve, is a cloud-based financial services platform enabling users to convert deposits to their account via bank account, credit card, and cryptocurrencies into reserve-backed currencies and commodities. The company has powered more than $6 billion in transactions.

Founded in 2018 by former Ripple CTO Stefan Thomas, Coil makes it easy for creators to monetize their content across the Internet, and provides an alternative to advertising and site-by-site subscription models. Coil sends payments via the Interledger Protocol, which allows any currency to be used for sending and receiving.

The partnership will enable Coil creators around the world to choose Uphold as their wallet provider, to have payments sent directly to their Uphold account gaining access to more than 50 currencies including fiat, digital, and commodities along with bank connectivity in 34 countries.

“We see Web Monetization as an exciting development for the future of payments on the open Web,” said Robin O’Connell, Chief Revenue Officer of Uphold. “The ability to pay for your app subscriptions, news articles, or premium experiences with zero-clicks and in real time feels like the future. Uphold, with its anything-to-anything payment capabilities, is uniquely positioned to provide partners like Coil the ability to bridge old and new money systems while offering a seamless payment settlement for its creators.”

According to the release, US-based creators who select Uphold as their wallet provider will also have access to the Uphold debit card, which provides 2% CryptoBack and 1% CashBack, and instant access to payments received through the micropayments platform.

“The world is transitioning towards a more open and direct payment construct,” O’Connell said. “Coil, through the Web Monetization standard and Interledger, is leading the way by enabling consumers to fund creators directly and in real time. Combine that with Uphold’s anything-to-anything capabilities and you have a view into how open payments will play out.”