Toast wallet shutting down

by | Jun 21, 2020

Toast Wallet is a free open source XRP wallet for Android, iOS, Windows, and Mac. The project was launched in 2017 and reached 100,000 users by the end of the year. It is a product of StarStone Limited, a software company based in Dunedin, New Zealand. Toast wallet has announced that it is shutting down due to a lack of support from Ripple and Xpring.

Toast wallet shuts down

On June 18, Toast’s official Twitter account announced that the wallet had been removed from App Stores in protest at the abysmal treatment of community developers by Ripple.

Ripple has been growing the XRP ecosystem by investing in various start-ups through its investment arm Xpring. Toast Wallet asked for clear and transparent community developer support from Xpring. While Xpring’s goal is to expand the ecosystem, it remains a private company, unlike initiatives like the XRP Community Fund.

From Toast to… Bread and XUMM

According to our sources, Toast received a small grant from Ripple to develop Toast but things have remained stagnant since then. While Toast was eagerly awaiting further support from Xpring, other wallets received funding.

In October 2019, Xpring invested in BRD (Bread) wallet, a consumer mobile crypto wallet, with 2.5 million+ users in 170 countries at the time.

Xpring also invested in XRPL Labs, a Dutch start-up, in February 2019. XRPL Labs has since then developed XUMM, a banking application that includes a wallet and payment platform.

After confirming Xpring had no interest in further funding Toast, a complete shut down was decided.

Even though the wallet is still operational and the source code is public, Toast has completely shut down operations, asking its users to move to different wallets. This is not the first Ripple backed company to shut down. Omni, one of the first companies backed by Ripple, ceased operations towards the end of 2019.

The XRP community has lost one of its oldest wallets, but the number of developers and companies building on XRPL still leaves up highly optimistic.

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