Poof Payments Releases Open-Source MPC Wallet for the XRP Ledger

PALO ALTO, Calif., Aug. 23, 2023 /PRNewswire/ -- Today, Poof Payments is thrilled to announce the launch of an open-source implementation of Multiparty Computation (MPC) wallets, ingeniously integrated with Shamir Secret Sharing (SSS) for the XRP Ledger. This milestone development, backed by the XRP Ledger Grants program, seeks to accelerate the momentum of secure cryptocurrency self-custody, in both the XRP ecosystem and the open crypto economy.

MPC wallets allow multiple parties to collaboratively recompute private keys and digital signatures, enabling the facilitation of blockchain transactions without asset custody. By introducing an open-source MPC wallet infrastructure for XRP, Poof is providing a free-to-use secure payment server that enables the creation of institutional-grade self-custody wallets, payment processing applications, and the foundation for on-ramps, off-ramps, and crypto exchanges in the XRP Ledger ecosystem.

The XRP Ledger, an open-source, decentralized blockchain technology, is the backbone of XRP, the native digital asset. The technology facilitates fast, cost-effective international transactions. The XRP Ledger provides the robust infrastructure that Poof Payments' new open-source MPC wallets leverage.

The implementation by Poof will be released on Github under the Apache 2.0 license, an open-source software license. Available libraries can be found on https://docs.poof.io.

The initiative, bolstered by funding from the XRP Ledger Grants, illustrates the program's unwavering support of novel, high-impact projects that substantially contribute to the XRP Ledger ecosystem and the digital assets domain.

Learn more at https://www.poof.io. 

About Poof Payments

Poof Payments, Inc. (https://www.poof.io) is a leading web3 payments infrastructure that specializes in cryptocurrency wallets and digital payments. The company is pioneering the democratization of secure digital asset management.

About the XRP Ledger

The XRP Ledger (XRPL) is an open-source, public and decentralized Layer 1 blockchain led by a global developer community. It is fast, energy-efficient, and reliable. For more than ten years, it has been the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. With ease of development, low transaction costs, and a knowledgeable community, it provides developers with a strong open-source foundation for executing on the most demanding projects – without impacting the XRPL's lean and efficient feature set. XRPL enables a wide variety of services and use cases including payments, on-chain finance, and tokenization. Learn more at https://xrpl.org/

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SOURCE Poof Payments, Inc.