Home » Ripple Invests in Crypto Wallet Tech in Move to Push XRP

Ripple Invests in Crypto Wallet Tech in Move to Push XRP


This month alone, Ripple, a California-based crypto company specializing in payment technologies, made three crypto wallet moves that could help its original token, XRP to reach a broader audience.

The latest announcement, revealed on Oct. 16, says that Ripple’s developer initiative, Xpring, made a strategic investment into Towo Labs, a Swedish firm aimed at simplifying cryptocurrency self-custody. Details of the deal were not revealed.

Towo Labs was launched in 2019, to develop XRP Ledger (XRPL) and Interledger infrastructures, as well as make non-custodial cryptocurrency management a breeze, according to information on the company’s website.

Markus Alvila, founder of the startup, is the developer of the XRP Toolkit, a web interface for interacting with the XRPL, a cryptographic ledger driven by a network of P2P servers.

The Swedish company explained that the investment will support the development of hardware wallet firmware with support for every XRPL transaction forms and a distrustful, non-custodial web interface to the XRP Ledger.

“Today’s existing firmware only supports XRP payment transactions, which in some cases block further XRPL and Interledger innovation. The new firmware, however, will support the signing of cross-currency payments, trust lines, escrows, orders, payment channels, account settings and so forth.

“With full XRP support among leading hardware wallets, transactions can be prepared from untrusted devices and applications — for example, over the web — before being reviewed and securely signed inside a hardware wallet,” they said.

Towo Labs will put their attention in developing hardware wallet firmware for the Ledger Nano S, Ledger Nano X and Trezor T gadgets.

Furthermore, the startup claims that this extra support will also enable new applications such as trustless, non-custodial trading interfaces to the XRPL decentralized exchange, enhanced self-custody for DeFi (decentralized finance) applications and hybrid multi-signing programs requiring signatures from both software and hardware wallets.

The company is also developing a fresh version of the XRP Toolkit that will include support for all XRPL transaction types and full hardware wallet support.

Further, Ripple last week said that Xpring invested $750,000 into BRD, a mobile crypto wallet that claims to have more than $2.5 million customers and accumulated $6 billion of crypto assets under protection.

“The partnership and investment will enable BRD users to hold, buy, sell, and send XRP to anyone in the world,” Ripple said back then.

In the start of October, Ripple said that it partnered up with a major worldwide blockchain payments provider, BitPay, thanks to the anticipated number of businesses that will accept XRP payments via BitPay’s merchant processing and cross-border transactions platform by the end of 2019.

Moreover, BitPay Wallet customers and BitPay Prepaid Cardholders can store, use and send XRP, whilst BitPay users can add the currency without integration or enhancements.

But in an effort to boost XRP adoption, Ripple isn’t targeting wallets alone. Last month, Xpring along with Blockchain Finance Fund invested $1.5 million into Coinme, a U.S-based provider of crypto kiosks, causing speculations that the major Bitcoin ATM and kiosk network with 2,583 active kiosk could also support XRP.

At pixel time (06:47 UTC), XRP traded at c. $0.289 and is down by 1.7% in the last 24 hours, utting its weekly gains to 4.3%.

Source: https://cryptonews.com/news/ripple-s-strategy-push-xrp-by-investing-in-crypto-wallet-tec-4866.htm

About the author

Ezra Ondara

Ezra Ondara

Ezra Ondara is a football fanatic, and betting pundit. He specializes in product reviews and casino/gambling content, with interest in the aviation industry and space science. When he’s not at his desk crafting content, he is watching the English Premier League or space exploration videos on YouTube, or out of town with his family. Ezra values relationships and he’s committed to providing valuable content for readers.

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