Coil was created by Stefan Thomas, an Interledger co-creator and former Ripple executive, to promote Web Monetization and the Interledger protocol, and it used its own funds—including a grant from Ripple—to support this goal rather than operating like a typical investment fund. This included leading a $20M investment in Imgur to help integrate creator payments and funding a $100M program called Grant for the Web with Mozilla and Creative Commons to support projects that build on Coil's payment technology.
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