Xpring announced the news in a blog post on Oct. 16, stating that the startup plans to develop a new version of the XRP Toolkit and hardware wallet firmware supporting all XRP Ledger transaction types, as well as a non-custodial web interface.

Ripple’s investment arm and tech incubator Xpring has invested in Swedish cryptocurrency self-custody startup Towo Labs to build hardware wallet firmware.

In a parallel announcement, Towo Labs said that the firmware will support signing cross-currency payments, escrows, orders, and trust lines, among other things. It will also enable users to prepare transactions from untrusted devices prior to auditing and signing them in a hardware wallet.

Xpring widens support for XRP

Earlier in October, Xpring invested in cryptocurrency wallet BRD to enable users to hold, purchase, sell and spend XRP tokens through the wallet.

The announcement suggested that this could result in new kinds of decentralized financial services, including banking, lending and peer-to-peer transactions that require no intermediaries.

Also this month, major cryptocurrency payment processor BitPay entered a partnership with Xpring to support payments with XRP. Xpring said that global companies are now able to accept XRP through BitPay without the need for integration and enhancements.

Ripple recently announced an expansion into Iceland with its acquisition of crypto trading firm Algrim. With the acquisition, Iceland will now serve as one of the company’s engineering hubs, joining London as another European base.

Santander Expanding Ripple-Powered Payments After Volume Triples

Spanish banking giant Santander plans to expand Ripple-powered global payment solution to Latin America, a Santander spokesperson told Cointelegraph on Aug. 19.

Citing rising transaction volume, Santander wants to expand Ripple’s xCurrent technology to a number of Latin American countries after first introducing the technology in Spain, Brazil, Poland and the United Kingdom in April 2018.

U.S. payment corridor

Specifically, the bank intends to enable zero-fee transactions from unspecified Latin American countries to the United States via mobile app called One Pay FX. To date, only customers in the U.K. and Spain can send money to the U.S. through One Pay FX.

Based on Ripple’s xCurrent technology, One Pay FX is independent from XRP and does not need the digital currency to work, the Santander spokesperson explained to Cointelegraph.

They added:

“XCurrent does charge for the service. Santander is the one that does not charge fees with its solution. Santander has always used xCurrent for One Pay FX, which does not need XRP to work.”

Future plans

Santander’s One Pay FX transaction volumes have tripled from January 2019 to June, while volumes for Spain surged 120% over a yearly period in April, according to a report by Coindesk.

But while Santander has not revealed when it expects to start rolling out the technology to Latin America, the bank reportedly plans to bring One Pay FX solution to the U.S. to enable American customers to send money abroad.

Apart from One Pay FX, Santander is also developing another international payment service dubbed Pago FX, which will be available for global non-Santander clients.

Recently, an executive at the U.K. pension and welfare agency cited Santander’s One Pay FX solution as one of the examples of successful blockchain applications that can potentially disrupt the payments industry.

Leave a Reply

Your email address will not be published.