Xpring invests in Towo Labs

by | Oct 16, 2019

Towo Labs is a Swedish startup aimed at simplifying crypto self-custody. According to an announcement by Vanessa Pestritto (Xpring Director) on Coil, Xpring has invested in Towo Labs.

Towo Labs develops open-source software for full support of XRP on hardware wallets. This will give XRP holders the ability to leverage all transaction types on the XRPL in a secure format, addressing the usability issue faced by crypto users.

Towo Labs’ team was 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. Towo Labs plans to release an update to the XRP Toolkit so users can enjoy a trustless, non-custodial XRP Ledger web interface, support for all 17 XRP Ledger transaction types and complete hardware wallet support.

According to Vanessa Pestritto, this move:

Could add all transaction types to leading hardware wallets, including Ledger Nano S, Ledger Nano X and Trezor T.

Markus Alvila, founder of Towo Labs, also added that:

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 for IOUs and tokenized assets, escrows, orders, payment channels, account settings and so forth.
With full XRPL support among the 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 enables new applications like trustless, non-custodial trading interfaces to the XRPL’s decentralized exchange, improved self-custody for DeFi applications and hybrid multi-signing schemes requiring signatures from both hardware and software wallets.”

Xpring’s investment will also help accelerate Towo Labs’ second project aimed at developing a new version of the XRP Toolkit. 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.

In addition to the leading hardware wallets, XRPL Labs‘ signing platform Xumm will also be integrated as a signing option. Moreover, Towo Labs is a partner of XRPL Labs and Wietse Wind has taken up an advisory role with Towo Labs, along with Secalot’s Matvey Mukha.