A new wave of ICOs? Toast Wallet adds support for ICOs on XRP Ledger!

Toast Wallet announced on Twitter that they would be adding support for a feature known as “Issue Own Currency” next week. This feature would allow users to issue an ICO on the Ripple network.

The screenshot released by Toast Wallet on Twitter says that ‘DefaultRipple must be enabled’ to allow a P2P transfer of the currency.

It is a relatively unknown fact that the XRP Ledger allows for the formulation of ICOs, as these are generally restricted to Ethereum and similar blockchains. RippleNet, with its focus towards providing cross-border payment solutions, has traditionally not been thought of as providing a platform for ICOs to launch.

Earlier this year in April, a group of coders looking for an alternative to launching an ICO on Ethereum found that it was possible to launch an ICO on it. Brazilian company Allvor, which is focused on streamlining digital payments, chose the XRP Ledger platform for running a token-based business.

Ripple, however, has made it very clear that they are not supportive of these ICOs. A spokesperson said:

“XRP Ledger is open-source and a decentralized platform, so people can build whatever they want, but Ripple isn’t interested in promoting or supporting ICOs on the ledger.”

The unexcited response might stem from both Ripple’s focus on DLT as their main business proposition and having their hands tied due to the open-source nature of the network.

Toast wallet confirmed that it would be adding many features to accompany the update, saying it would be their “largest feature set”. They clarified:

“Full trustline support, full token trading support, issue your own ICO on the Ripple network from your mobile while waiting for a bus.”

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