Ripple Labs Inc.’s investment subsidiary Xpring today said it has made a strategic investment in Towo Labs AB, a Swedish startup developing technology for cryptocurrency self-custody.
The investment will be used to support Towo Labs’ project roadmap for the next two years including the development of hardware wallet firmware with support for all XRP Ledger transaction types and a trustless, noncustodial web interface to the XRPL.
In addition, the company is also developing a new version of the XRP Toolkit, a web interface for interacting with the XRP Ledger. The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers to process Ripple XRP digital assets. Towo Labs founder Markus Alvila is the creator of the existing XRP Toolkit.
Today’s firmware only supports XRP payment transactions, which in some cases block further XRPL and Interledger innovation, Xpring said in a statement. The new firmware, it said, will support the signing of cross-currency payments, trust lines, escrows, orders, payment channels, account settings and the like.
The new firmware will allow transactions to be prepared from untrusted devices and applications, including over the web, before then being reviewed and security-signed inside a hardware wallet.
On the XRP Toolkit side, the new version is aimed to include a more user-friendly design, landing page and user documentation along with support for all 17 XRP Ledger transaction types. To be implemented as a progressive web application, the new toolkit will also provide cross-platform support on Windows, macOS, Linux, Android and iOS.
The investment into Towo Labs is one of a growing number by Xpring since its founding over a year ago. In that time, the company has partnered with more than 20 companies and committed more than $500 million in investments, including $264 million into micropayments startup Coil Technologies Inc. in August. Xpring is also an investor in Securitize Inc., a compliance platform for digital securities using blockchain technology.
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