Ripple invests in XRPL infrastructure startup Towo Labs
Swedish startup Towo Labs has announced a strategic investment from Xpring, a division of financial infrastructure and digital currency firm Ripple.
Though the value of the investment has not been disclosed, it will be going towards the support of Towo Labs’ development of hardware wallet firmware with support for all XRP Ledger (XRPL) transactions types and a “trustless, non-custodial web interface to the XRP Ledger”.
Towo Labs aims to develop full XRPL support for Ledger Nano S, Ledger Nano X and Trezor T — making it easier to securely sign any transaction type. Today’s existing firmware only supports XRP payment transactions.
All open-source code contributions will be subject to the normal code and security reviews of the involved repository maintainers.
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,” and “support for all 17 XRP Ledger transaction types”.