Uphold, a leading digital money platform that has powered more than $6 billion in transactions across 180 countries, today announced a partnership with Web Monetization provider Coil utilizing the Interledger Protocol.
Coil creators around the world can now select Uphold as their wallet provider, to have payments sent directly to their Uphold account gaining access to 50+ currencies including fiat, digital, and commodities along with bank connectivity in 34+ countries.
Coil is designed to help creators monetize content and provide a premium experience to consumers. Coil is the first of many examples of the power of Interledger and a view into the next generation of web payments. Key to Interledger, which allows real-time payments to content providers, is the ability to settle payments globally into any digital asset or fiat currency of choice. Uphold's global payments capability enables this core settlement functionality.
Robin O'Connell, Chief Revenue Officer of Uphold said, "We see Web Monetization as an exciting development for the future of payments on the open Web. 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."
Additionally, U.S.-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.
Interledger is an open protocol suite for sending payments across different ledgers. Like the Internet, connectors route packets of money across independent networks. The open architecture and minimal protocol enable interoperability for any value transfer system.
Continued O'Connell, "The world is transitioning towards a more open and direct payment construct. 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."