Uphold is the service we’re currently recommending to use to receive your Coil payments. Other services are out there but Uphold works well & lets you draw down into a UK bank account. It’s a good service with a nice mobile app alongside its homepage. We have noticed some peoples accounts taking a while to verify.
To receive payment from Coil subscribers coming to the site you need to have a digital waller with an ILP. Uphold will give you one of these, but it’s not as obvious as it could be, so we thought it would be worth writing up the steps.
Important: you do not need to give Uphold any money to set up a wallet with an ILP!
If you’ve already got a wallet, log into your Uphold account dashboard, click on the wallet you want to receive payment to & then the “kebab” menu in the top right to get the ILP address:
Then copy the payment pointer and send it to us to put on your profile.
Once in your Uphold account dashboard, on the right hand side you should see:
Click on From and then scroll down, you should see Interledger in there under Other Networks:
Click that, then choose the currency/asset you want to receive in:
You can receive payment on Uphold in GBP, Euro, Dollars, “assets” like silver in this example, or a digital currency. If choosing a digital currency (cryptocurrency) like XRP or Bitcoin for your wallet, be aware that digital currencies can change value significantly and quickly. You may want to regularly transfer your payments to your national currency card or draw them down into your bank account.
Then copy the payment pointer and send that over to us to put on your profile:
This post was updated on 23rd August 2021 - now Uphold lets you have a GBP wallet.