By
Benjamin Njiri
April 23rd, 2024
XRP has been added as a payment option to both Youtube and Twitch, two of the most popular platforms for content creators. This huge move for Ripple could mean a substantial rise in market capitalization for the project. All thanks to Coil startup.
In a huge advancement for the Ripple project, XRP can be used to directly tip content creators on both the Youtube and Twitch platforms. This is a huge move for Ripple, considering the scope of both platforms.
For context, Youtube has an astonishing 1.8 billion monthly users, which is a substantial fraction of the entire global population. The Amazon-owned Twitch has also managed to be a force in the market, with over 100 million active users a month, and over 1 million are watching content on the platform at any given time in 2018. In fact, there has been a shift with gamers moving from Youtube to Twitch, and this latest move by Ripple allows them to take advantage of both demographics.
The CTO of Ripple Labs, Stefan Thomas, invented Coil because he understood the value of micropayments, and also understood the fact that fans wanted to support content creators through them. The fact that Coil will be compatible with some of the most visited websites in the world, including Youtube and Twitch– shows that the project certainly has lasting power, and can truly add to Ripple being adopted in a mainstream way.
Ripple has been on an absolute roll, as it is in a confirmed reversal, shooting up an astonishing 36% in 48 hours recently, in a move that some see as indicative of the fact that it will soon be one of the most valued cryptocurrencies in the world.
In fact, for a brief moment last week; Ripple had surpassed ethereum in terms of market capitalization, claiming the coveted number two spot on CoinmarketCap, and second only to bitcoin. However, this did not last long, as the price rally did not continue, and ethereum eventually reclaimed its second-place spot.
Coil is not the only catalyst for Ripple, as of recent. One of the reasons that there was so much buying pressure with XRP is the fact that Ripple executives had announced that they will soon be launching XRapid, which financial institutions could use as a “bridge” between currencies. This would mean that cross border payments can happen quicker and more efficiently than ever and would reduce costs tremendously for banks and payment providers.
XRapid is already being tested by two of the largest payment providers in the world, such as MoneyGram and Western Union – so Ripple already has some substantial partnerships in the space. In addition, there are also global finance players that are testing another product from Ripple called XCurrent. There are many that believe that Ripple will be a major player in the global remittance sector, as well, which is valued at hundreds of billions of dollars, and is expected to be worth trillions of dollars in several years.
The announcement that XRP can be used to tip content creators is massive, as well, and will help Ripple grow in market capitalization, given the fact that it will allow billions of users to potentially tip using the cryptocurrency.