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Coil invests in hacker noon to provide real-time micro payments

June 10, 2020

Content monetization specialist Coil announced on June 10 that it had made a strategic investment in the independent tech publishing platform Hacker Moon.

This also led to a three-year partnership between the companies that focused on web monetization for Hacker Noon’s authors.

Perfect union

Hacker Noon is a technology-driven news website with 4 million monthly readers and content created by over 10,000 contributors.

Coil invests in hacker noon to provide real-time micro paymentsCoil invests in hacker noon to provide real-time micro payments

Coil is a platform that allows subscribers to send micro-payments to developers based on the time they spend consuming their content. A proposed open web standard called Web Monetization is used for this purpose.

Assembling appears to be a natural step, as David Smooke, CEO of Hacker Noon, said:

“We want to be the best place for technology professionals to read, write, and publish. So far, we’ve provided editorial, validation, and sales resources. With this strategic partnership, Hacker Noon will now experiment with micropayments to authors based on how much Spend time coil users reading their stories. “

Charge in real time

As of today, hackers to Noon author stories can add their meta tag to web monetization so Coil can automatically credit their wallets in real time as they read these posts.

The reading experience remains exactly the same, with no popups or payouts. The only difference is that coil subscribers send micropayments directly to the authors.

The web standard for web monetization supports multiple wallets and allows payments in a variety of fiat and digital currencies.

Authors can also donate their winnings to charities through the coil platform.

Increase the stake

The $ 1 million investment means that around 8 percent of the shares in Hacker Noon are needed. In addition to implementing web monetization, Smooke said the money would be used to “expand editorial, sales and, above all, software teams”.

As Cointelegraph reported, Coil announced a partnership last month that would provide the Uphold wallet as an option for users of web monetization. This enables payments in more than 50 fiat and digital currencies and offers bank details to more than 34 countries.