Coil invests in Hacker Noon to provide real-time micro-payments

Content monetization specialist Bitcoin Loophole announced on June 10 that it had made a strategic investment in the independent technology publishing platform, Hacker Moon.

This also marked the beginning of a three-year partnership between the companies, focusing on Web Monetization for Hacker Noon’s contributing writers.

A perfect match

Hacker Noon is a technology-focused news site that has 4 million readers per month and features content created by more than 10,000 contributors.

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Coil is a platform that allows subscribers to transmit micropayments to creators based on the time spent consuming their content. To do this, it uses a proposed open web standard called Web Monetization.

Bringing them together seems a natural step, as Hacker Noon CEO David Smooke explained:

„We want to become the best place for technology professionals to read, write and publish. To date, we have provided editorial resources, validation and distribution. Now with this strategic partnership, Hacker Noon will experiment with passing on micropayments to writers based on how much time Coil users spend reading their stories.

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Charging in real time

Starting today, Hacker Noon writers can add their Web Monetization meta tags to stories, allowing Coil to automatically credit their wallets in real time as those publications are read.

The reading experience will remain exactly the same, with no pop-ups or payments. The only difference will be that Coil subscribers will transmit micropayments directly to the writers.

The Web Monetization web standard supports multiple wallets, allowing for payments in a wide range of fiduciary and digital currencies.

Writers will also be able to donate their received earnings to charities through the Coil platform.

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Raising the stakes

The $1 million Coil investment means it will take about an 8 percent stake in Hacker Noon. In addition to implementing Web Monetization, Smooke said the money would be used to „expand the editorial, sales and, most importantly, software teams.

As reported by Cointelegraph, last month Coil announced a partnership that makes the Uphold Wallet available as an option for Web Monetization users. This allows payments in more than 50 trust and digital currencies, and provides banking connectivity to more than 34 countries.