Under the partnership, content creators who use Coil will be able to choose Uphold as their wallet provider in order to receive payments in more than 50 currencies.
Robin O’Connell, Chief Revenue Officer (CRO) at Uphold, said “The ability to pay for [their] app subscriptions, news articles, or premium experiences with zero-clicks and in real time feels like the future.”
Under the collaboration with Coil, Interledger Protocol will be used to pave way for creators to receive payments in over 50 fiat and virtual currencies, and facilitate bank linking from more than 34 nations.
O’Connell further stated that the company 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.”
Coil opting for Uphold as its wallet provider has come at a time when the platform rolled out the Coil Web Monetization plugin, permitting WordPress publishers and content creators to commercialize their publication. Creators using the plugin will be able to offer ad-free experiences and also subscription based premium content.
Today we unveiled our #WebMonetization WordPress Plugin + our newest wallet provider @UpholdInc, offering access to over 50 currencies with bank connectivity in more than 35 countries! https://t.co/NG66QzpHbf pic.twitter.com/kQQokH3pm2
— Coil (@Coil) May 19, 2020
Stefan Thomas, Coil Founder, stated that the plugin would offer “more freedom of choice and less friction” for content creators using WordPress, by developing a fresh revenue channel. During the same period, users would not face the “subscription fatigue and the invasive privacy issues associated with ads.”
As per a W3techs survey in April, more than 33% of the web (internet) content is published through the use of WordPress software.
In this regard, Uphold has been offering additional choices to its users for paying, including crypto and fiat money.
Uphold, being a virtual money platform serving the needs of over 2 million clients, has facilitated over $6 billion worth transactions throughout 184 countries since its roll out in 2015.
The platform unveiled its debit card back in March 2020, facilitating users to settle with exchanged crypto, cash and commodities.
Recently, Uphold revealed that it is increasing the portfolio of stablecoin offerings, including TrueUSD (TUSD), USD Coin (USDC), Tether (USDT) and DAI.