Cryptocurrency

Ripple Labs makes Strategic Investment in Towo Labs for Cryptocurrency Self-custody

  • Xpring Invests in Towo Labs for cryptocurrency Self-custody
  • Alvila stated that new firmware would support cross-currency payments
  • Towo Labs will use this investment for developing hardware wallet firmware
  • Ripple is also developing another version of XRP Toolkit

Xpring, the investment subsidiary of Ripple Labs Inc’s, recently declared that it has initiated strategic investment in a Swedish startup developing technology, Towo Labs AB, for cryptocurrency self-custody.

The investment by Xpring will be used to help Towo Labs for various projects for the next two years. This includes the hardware wallet firmware development with help for all XRP Ledger transaction categories and noncustodial web interface to the XRPL.

According to Vanessa Pestritto, Director of Xpring said,

We are thrilled to announce that we have invested in Towo Labs, which develops open-source software for full support of XRP on hardware wallets. Towo Labs will give XRP holders the ability to leverage all transaction types on the XRPL in a secure format addressing the usability issue faced by crypto users.

Markus Alvila, the Founder of Towo labs, in his blog, wrote that the current firmware just supported XRP payment transactions. Besides, he stated that the new firmware would permit support for cross-currency payments. Alvila said,

The new firmware, however, will support the signing of cross-currency payments, trust lines for IOUs and tokenized assets, escrows, orders, payment channels, account settings, and so forth.

Likewise, Ripple is additionally developing another version of the XRP Toolkit, a web interface that can be used for interfacing with the XRP Ledger. Besides, the XRP Ledger is a decentralized cryptographic ledger operated by a system of P2P servers to process XRP digital resources. Markus Alvila is the developer of the current XRP Toolkit.

In a parallel declaration, Towo Labs announced that the firmware would be supporting escrows, cross-currency payments, trust lines, orders, in addition to other things. Also, it will empower clients to make transactions from unreliable devices before auditing and signing in to a hardware wallet.

The investment in Towo Labs has been one of the latest addition to several numbers of Xpring partnerships since its inception over a year back. In that time, the organization has collaborated with over 20 organizations and has invested more than 500 million dollars in investments, which also includes 264 million dollars into micropayments startup, Coil Technologies. Earlier in August, Xpring invested in Securitize Inc, a digital securities compliance platform, which uses blockchain technology.

In Early October, Xpring invested in BRD, a cryptocurrency wallet that allows users to hold, buy, spend, and sell XRP tokens through the wallet. Along with main hardware wallets, XRPL Labs signing platform Xumm will be included as a signing alternative.

Tags

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
Back to top button
Close