Ripple-backed web monetization platform bids farewell XRPArmy XRPCommunity XRPHolders RippleXRP
He says that when Coil began in 2018, Interledger was just an idea. Adding that over the last five years, Interledger has gone through enormous development. "Now it's time to pass the torch to a neutral body in the form of the Interledger Foundation to steward the future development of Interledger," Thomas stated.
As part of this evolution and to focus on the development of Interledger, Coil decided to sunset its products and development efforts. Starting Feb. 2, Coil will no longer accept sign-ups for its membership, and on March 15, 2023, the platform will discontinue its service. "In the near future, there will be full-featured Interledger wallets powering web monetization and many other use cases," Thomas spoke on plans.
The former Ripple CTO added that his work on Interledger will continue as he will stay involved at the Interledger Foundation as chairperson of the board. When asked by a user,"What happened to the quarter of a billion dollar XRP gift?" Stefan Thomas answered,"Most of it was in the form of a fund that we could draw from. This money never left Ripple. Now that Coil is winding down, I assume they'll reallocate those funds toward other projects. The biggest drawdown against the fund by far was the $100 million to Interledger/GftW.
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