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Ripple’s Xpring Invests In Swedish Crypto Company Towo Labs

Xpring, Ripple’s backed investment company, has announced a new strategic investment in the Swedish company Towo Labs AB.

The firm is working to develop a technology for cryptocurrency self-custody. The information was released in a blog post by the Xpring Platform a few hours ago.

Xpring Invests In Towo Labs

According to the blog post, Xpring is exploring different use cases for the XRP cryptocurrency by analyzing the opportunities and challenges related to it.

Nowadays, custody solutions available in the market can be very different with a wide range of various services for users.

Xpring is now investing in Towo Labs, a company that is developing open-source software to support XRP on hardware wallets fully. The firm is also going to help XRP holders to leverage all transaction types on the XRPL in a secure format.

There is no information about which is going to be the amount of funds invested in Towo Labs.

The company has also informed they are also working on the XRP Toolkit that would enable users to manage their keys and execute any transaction type on the XRPL from the Secalot wallet.

The Toolkit is also expected to provide cross-platform support on Windows, macOS, Linux, Android, and iOS.

In the future, Towo Labs is expected to release an update to the XRP Toolkit so users can enjoy a trustless and non-custodial XRP Ledger web interface for all the different XRP Ledger transaction types.

The signing of cross-border payments includes trust lines, escrows, orders, payment channels, and many others. Ripple has been working to offer services to financial companies and banking institutions that want to process transfers in a much more efficient way.

With XRP, some companies can source liquidity on-demand and process transactions in corridors without liquidity between two different fiat currencies.

This is not the first time that Xpring invests in another company. There are more than 20 different firms that received over $500 million in investments from Xpring.

For example, Xpring invested in Securitize Inc. a compliance platform that is currently working with digital currencies and distributed ledger technology (DLT).

Xpring remains one of the essential branches of Ripple. Together, they want to increase and expand XRP adoption and usage around the world, specially among XRP supporters and financial institutions that are already part of the RippleNet network.

Featured image via Ripple’s Twitter

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Justinas Baltrusaitis

Justinas Baltrusaitis

Justin is an editor, writer, and a downhill fan. He spent many years writing about finances, blockchain, and crypto-related news. He strives to serve the untold stories for the readers.
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