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Ripple’s Xpring makes ‘strategic investment’ in Sweden’s Towo Labs

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Ripple’s investment and partnerships arm, Xpring, has entered into a strategic partnership with Towo Labs, a Swedish startup that aims ot simplify crypto self-custody. The investment from Xpring will support various Towo labs’ projects for the next two years, including the development of its hardware wallet firmware.

The wallet will be offering support to all XRP ledger [XRPL] transaction types and serve as a non-custodial web interface to the XRPL. Towo Labs will focus on building hardware wallet firmware with full XRPL support for Ledger Nano S, Ledger Nano X, and Trezor T, allowing them to securely sign any transaction type. The Founder of Towo labs, Markus Alvila, wrote on his blog that the existing firmware only supported XRP payment transactions. However, the new firmware will allow 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.”

Additionally, Towo will also be developing a new version of the XRP Toolkit, a web interface for interacting with the XRPL. The new version will be designed to be a user-friendly, landing page, and user documentation support for 17 XRP ledger transaction types and full hardware wallet support will also be provided. According to the blog, the toolkit will also be implemented as a progressive web application [PWA] with offline support for Windows, macOS, Linux, Android, and iOS.

“The coming updates to the XRP Toolkit seek to achieve a trustless, non-custodial XRP Ledger web interface, where you can prepare and submit any transaction type from any device, signing using the wallet of your choice or one generated with the XRP Toolkit.”

Apart from other additions, the Toolkit will integrate XRPL Labs’ signing platform, Xumm, as a signing option.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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