Coil, a key entity in the XRP ecosystem and a company backed by millions of dollars from Ripple has surprisingly announced that it will cease operations. The company, led by CEO Stefan Thomas, used to provide one of three Unique Node Lists (UNLs) for the XRPL, alongside Ripple and the XRP Ledger Foundation.

It is therefore no exaggeration to say that Coil has been one of the most important entities in the XRP ecosystem and has contributed significantly to its growth.

Moreover, in August 2019, the company received one billion XRP from Ripple’s investment arm Xpring, the equivalent of about $260 million at the time, to create and promote use cases involving the monetization of digital content on the XRP Ledger.

Ripple-Backed Coil Ceases Operations

In a series of tweets, Thomas stated …