A popular image hosting site, Imgur receives $20 million in venture equity from micropayments tool for content creators, Coil, as per a report from TechCrunch.
Along with funding, Imgur endeavors building Coil into its platform, allowing its 300 million monthly users to make micropayments for the content they have viewed. The partnership further marks a forthcoming premium Imgur membership that will allow Coil subscribers to view exclusive features and content.
A $5 per month Coil subscription funds creators per second that the subscriber spends consuming their content at a rate of 36 cents per hour. Alan Schaaf, founder, and CEO of Imgur said in a press statement:
“Imgur began in 2009 as a gift to the internet. Over the last 10 years we’ve built one of the largest, most positive online communities, based on our core value to ‘give more than we take’. Coil’s technology will open up new opportunities for users to give to one another and support the community in new ways.”
Last year, Stefan Thomas, the former chief technology officer of Ripple Labs founded Coil in order to get creators paid for their labor. The subscription service is now in open beta, and has extensions for Chrome and Firefox. Coil’s Web Monetization API automatically pays creators in XRP as per usage and the users enjoy the flat subscription fee.
As per the agreement, Thomas will join Imgur’s board. The platform has previously received $40 million Series A from Andreessen Horowitz and Reddit.
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