Xpring Invests in Towo Labs to Support Wallet Firmware Development

Neither the firms disclosed the involved investment figure.

Xpring, the investment arm of Ripple, has invested in Swedish crypto startup Towo Labs to support the development of a hardware wallet firmware.

Announced on Wednesday, the firmware will support all XRP Ledger (XRPL) transaction types and a trustless, non-custodial web interface to the XRP Ledger.

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It will also support various major hardware wallets, including Ledger Nano S, Ledger Nano X, and Trezor T. In addition to that, support for the signing of cross-currency payments, trust lines, escrows, orders, payment channels, and account settings will be added too.

Towo Labs is the firm behind the launch of the XRP Toolkit, which enables users to manage their keys and execute any transaction type on the XRPL from the Secalot wallet.

Now, the startup is working on updating the Toolkit to provide the users a trustless, non-custodial XRP Ledger web interface, along with support for all 17 XRP Ledger transaction types and complete hardware wallet support.

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“We are confident in the team’s vision to add all transaction types to leading hardware wallets, including Ledger Nano S, Ledger Nano X, and Trezor T, and look forward to seeing these projects unfold,” Xpring stated in the announcement.

Pushing XRP adoption through investments

Ripple is investing heavily in projects related to XRP to increase the adoption of the token. Earlier this year, the incubation arm of the company revealed that it has already invested more than $500 million on various blockchain projects since its launch in May 2018.

Ripple also made a bang in the existing cross-border payments industry by investing $30 million in MoneyGram, a global payments transfer company. Recently, it also acquired Icelandic crypto exchange Algrim to penetrate the European market with its blockchain products.

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