Toast Wallet, one of the many lesser-known wallet manufacturers in the crypto space, has shut down its operations. Last week, the company announced on Twitter that it would be ceasing operations and taking the versions of its app from all app marketplaces from henceforth. The company is joining a long list of crypto firms to call it quits before even hitting the mainstream.
A Funding Round Gone Wrong
A report from XRP Arcade shows that Toast Wallet was developed by StarStone Limited, a New Zealand-based software company. The service launched in 2017, at the height of the crypto boom. Before the end of that year, it had hit over 100,000 users.
While the company didn’t elaborate on what caused its shutdown, it did point fingers at Ripple Labs. “Toast Wallet has been removed from App Stores in protest at the abysmal treatment of community developers by Ripple. Existing Toast installs will continue to work and funds are safe. We await a clear and transparent community developer support programme from xPring,” the wallet manufacturers explained.
Shedding more light on the relationship between both firms, XRP Arcade pointed out that Toast was the beneficiary of a small grant from xSpring, the incubation and investment arm of Ripple.
However, what appeared to be a funding and incubation grant turned out to be no more than just cash. Toast kept waiting for further support from xSpring, but it never materialized. After Ripple appeared to have left it out to dry, the company bit the dust.
It’s worth noting that Toast is an open-source project, so its code is still functional. The company also pointed out in its tweet that existing users will still be able to access their funds. However, it encouraged everyone to move to other wallet apps.
A lack of functionality means that existing users that remain on the service won’t be protected if there are any future issues. They will also be cut off from any support, in case they need help going forward.
Ripple Looks to Continue Expansion
While Toast will be shutting down, Ripple appears ready to move forward with other plans. The San Francisco-based company has been on a mission to continue its hot streak from 2019, which saw it achieve a $10 billion valuation. With that in mind, it has been expanding its services across borders. Earlier this month, Ripple Head of Global Banking Marjan Delatinne appeared in an interview with the Future of Finance YouTube channel. There, the executive confirmed that the firm was working towards launching its on-demand liquidity (ODL) service to Brazil.
While explaining the service to the moderator, Delatinne said that Ripple was looking to expand to “exotic corridors,” such as Brazil and the Philippines. She pointed out that most people in such countries have an affinity for moving funds at a quicker pace. By providing speedy transfers, they can corner a significant market.
Ripple’s blockchain-based financial services network, RippleNet, already has three significant banking partners in brazil – Bradesco, Santander, and Banco Rendimeto. However, Delatinne explained that they could further bring OLD with the XRP as a bridge between to cross-border entities making transactions.