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Towo Labs secures investment from Xpring to develop XRP hardware wallet firmware

Thu, 17 Oct 2019, 07:41 am UTC

Ripple’s investment arm Xpring has made an investment in Swedish crypto startup Towo Labs. The amount of investment has not been disclosed.

Founded in 2019, Towo Labs develops open-source software for full support of XRP on hardware wallets. It aims to make non-custodial crypto management easier. Towo Labs said that the funding from Xpring will support all projects on its roadmap for the next two years.

“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,” Towo Labs Founder Markus Alvila said.

Alvila said that the firm will initially focus on developing hardware wallet firmware with full XRPL support for Ledger Nano S, Ledger Nano X and Trezor T, which would help simplify signing any transaction type in a secure manner.

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

Alvila previously launched the XRP Toolkit, which enables users to manage their keys and execute any transaction type on the XRPL from the Secalot wallet. He said that the fresh funding will also be used to fund the development of a newer version of the toolkit, which will feature more user-friendly design and support for all 17 XRP Ledger transaction types and complete hardware wallet support.

“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,” Towo Labs said.

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