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    Interledger deposit via Coil

    • Updated

    Users can receive funds from streaming to a GateHub hosted wallet by using Coil.

     

    In this article you can read all about:

    How it works?

    What do I need to do, to start receiving funds via ILP?

    How to set up streaming to your wallet?

    How to exchange your XRP for EUR or USD

    How to make a withdrawal to your bank account

    How does it work?

    Registered Coil users are able to receive micropayments from every visit of a Coil subscriber to their website or Youtube channel with the help of web monetization. Adding an Interledger Payment Pointer to your Coil account will allow you to receive funds to your GateHub wallet.

    What do I need to do, to start receiving funds via ILP?

    The ILP deposit method is only available to accounts verified on GateHub Gateway.

    1. Connect and verify your account on GateHub Gateway.
      Verification process for an individual account
      Company verification process

    Deposit/receive funds via ILP is only available in GateHub hosted wallets (for more information about wallet types click here).

    1. If you do not have a hosted wallet in your GateHub account please refer to the article: Create and delete a wallet.

    How to set up streaming to your wallet?

    1. GateHub Wallet:

    • Log in to your GateHub account,
    • Go to "WALLET" (on the left menu),
    • Select a hosted wallet from the dropdown menu or create a new hosted wallet by clicking “+”.

    ILP-create_1.png

    • In a hosted wallet click "Deposit / Receive" button located on the bottom of the screen.
    • In the window "Deposit Funds" Select "ILP",

    ILP_-_deposit.png

    • Copy the Interledger Payment Pointer (for quick copy use the copy icon ‌ ).

    Every Interledger Payment Pointer address consists of symbol $, ilp.gatehub.net/ and "hosted wallet address" (example: $ilp.gatehub.net/135255997).

     

    2. Coil account:

    • Go to https://coil.com/,
    • Create or log in to your Coil account,
    • Click on the profile icon on the upper right corner and select "Start Creating",

    NEW_ILP-start-creating.png

    • Enter your username then click "Continue",
    • On the "Select your payout option" screen select "Setup" under GateHub,

    NEW_ILP-select-payout.png

    • Click on Payment Pointer field,
    • Paste the Interledger Payment Pointer copied from GateHub page and click "Finish".

    NEW_ILP-pay-out-wallet.png

    • When the Payment Pointer was entered a Meta tag was created.

    Meta tag has the following format: <meta name="monetization" content="GateHub Interledger Payment Pointer"> (example: <meta name="monetization" content="$ilp.gatehub.net/135255997">).

    • The Meta tag should be added to the header of all the pages of the website you wish to monetize through Coil (you do not need to add this tag to your articles on coil.com, they are automatically monetized).
    • To access the Meta tag go to "Settings" by clicking on the profile icon in the upper right corner,

    ILP-creator-page-settings.png

      • In settings select the tab: "Creator Settings",

    ILP-creator-settings.png

    • You will find the Meta tag under the "MONETIZE EXTERNAL WEBSITE" section.

     

     

    If you have already set up your "Creator account" and wish to change your payment pointer you can follow the steps below.

    Changing your default payout option won't transfer your balance. You will have multiple different balances, but only the default will receive payments on Coil.com.


    To change your payout option:

    • Login to your coil.com account,
    • Click on the profile icon in the upper right menu and select "Settings",
    • Select the "Payout" tab,
    • Click "Change payment pointer",

    ILP-payout.png

    • Check "I understand I will have multiple different balances, but only the default will receive payments on Coil.com" and click "Change payout method",
    • On the "Select your payout option" screen select "Setup" under GateHub,
    • Click on Payment Pointer field and paste the Interledger Payment Pointer copied from GateHub page,

    ILP-change-payout__1_.png

    • Check "I understand that my current payout provider balance will not transfer to my new payout provider",
    • Click "Finish". 

     

    3. GateHub Wallet:

    • The incoming stream appears in your hosted wallet when the first Coil subscriber visits your monetized website.

    The content provider with GateHubs ILP address added on Coil only receives funds at GateHub when a Coil subscriber visits his website which has meta tag (meta name="monetization" content="GateHub Interledger Payment Pointer") added in the head of the website.

    ILP-incoming-stream.png

    The minimal amount to claim funds is 5 XRP. Until the min amount is reached the button "Claim funds" is disabled.

    • Clicking “Claim funds” will create an XRP deposit to your hosted wallet in the corresponding amount.

    ILP-coil_streaming.png

    How to exchange your XRP for EUR or USD

    If you wish to exchange the claimed XRP for GateHub USD, EUR, BTC or ETH, you can use our "EXCHANGE" feature. 

    1. Go to "Exchange" on the menu on the left.
    2. From a drop-down menu on the upper-left choose the hosted wallet containing the claimed XRP.
    3. On the left drop-down menu, you can see the currency you wish to exchange (automatically set to XRP) and on the right, you can choose the currency you wish to exchange for (available cryptocurrencies for exchange in hosted wallets are EUR, USD, BTC, and ETH).
    4. Enter the amount of XRP you wish to exchange (you can also click on "All available" to automatically input all the available amount of XRP). The receiving amount of the currency you have chosen will be automatically calculated from the input.
    5. To conclude the transaction click on "Exchange XRP to ..." and click "Confirm".

    For more information regarding how the "Exchange" works, please, read here.

     

    How to make a withdrawal to your bank account

    To be able to withdraw the received amount of XRP to your bank account you first need to exchange them for GateHub issued EUR or USD (instructions explained in the previous step).

     

    To withdraw the GateHub issued EUR or USD to your bank account:

    1. Go to the "WALLET" on the left menu.
    2. From a drop-down menu in the upper-left corner choose the hosted wallet containing the funds you wish to withdraw.
    3. Click "Send Payment".
    4. To withdraw EUR choose "EU BANK", to withdraw USD choose "BANK".
    5. Enter the required personal and bank information (only required the first time, after that the information will be saved under "Contacts") and the desired amount.
    6. To conclude the transaction click "Confirm".

    Third-party withdrawals are not permitted and will be rejected. Bank transactions are possible with a bank account registered to your name only.

     

    EUR withdrawal

    The minimum withdrawal amount is 10 EUR. Withdrawal fee is 1 EUR (< €50,000.00) or 8 EUR (> €50,000.00) - see full fee schedule here. Detailed instructions in article EUR (SEPA) withdrawal.

    USD Withdrawal

    The minimum withdrawal amount is 65 USD. Our fee schedule for FIAT withdrawal fees is available here. Detailed instructions in article USD (SWIFT) withdrawal.

     

    See also:

    Web Monetization

    Interledger