Ripple invests in Swedish start-up Towo Labs
- Payments , Cryptocurrencies
- 16.10.2019 09:15 am
Towo Labs, a Swedish startup aimed at simplifying crypto self-custody, today announced a strategic investment from Xpring, Ripple’s developer initiative to build the internet of value.
The investment will support Towo Labs’ development of hardware wallet firmware with support for all XRP Ledger (XRPL) transaction types and a trustless, non-custodial web interface to the XRP Ledger.
Enabling All XRPL Transaction Types on Hardware Wallets
At the outset, Towo Labs will focus on developing hardware wallet firmware with full XRPL support for Ledger Nano S, Ledger Nano X and Trezor T — making it easier to securely sign any transaction type. All open-source code contributions will be subject to the normal code and security reviews of the involved repository maintainers. 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.
This added support also enables new applications like trustless, non-custodial trading interfaces to the XRPL decentralized exchange, improved self-custody for DeFi applications and hybrid multi-signing schemes requiring signatures from both hardware and software wallets.
New XRP Toolkit with Full Hardware Wallet Support
Xpring’s investment will also help accelerate Towo Labs’ second project aimed at developing a new version of the XRP Toolkit, which was originally created by Towo Labs founder Markus Alvila. The new version will feature a more user-friendly design, landing page and user documentation, support for all 17 XRP Ledger transaction types and complete hardware wallet support. The new XRP 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.
In addition to the leading hardware wallets, XRPL Labs' signing platform Xumm will also be integrated as a signing option.