Ripple’s Xpring initiative XRPL Labs is preparing to launch a new application with Ripple XRP support. This practice is expected to expand the use and adaptation of XRP.
New product with Ripple XRP support
Ripple’s Xpring initiative XRPL Labs unveiled its new banking product. This product was introduced under the name Xumm.
The Xumm application allows users to keep crypto and fiat money (such as euro and dollar) in their accounts without any bank intervention. The application contains tabs such as transaction history and contact information. So the application offers banking service without the need of banks.
XRPL Labs needs a license for its banking system-independent implementation. Wietse Wind, lead developer of XRPL Labs, said that they are working for licensing and will hold important meetings next week.
Xumm will offer many different online banking services than its counterparts. It will allegedly bring the banking world and digital assets together on the XRP blockchain platform. This will allow the transfer and storage of any financial asset on the blockchain platform.
[Xumm] will deliver a user experience we know as online banking. Not just crypto. So, what it will allow you to do is check your balance and send your funds in any currency, because the XRP Ledger can handle any given currency issued on the ledger…
We’re not building a crypto wallet. We’re building a banking app. Except, without a bank. We’re building a banking app based on a digital ledger, based on the XRP Ledger and based on ILP (Interledger Protocol).
It’s not for geeks. We know that crypto wallets are for geeks and then somewhere near the bull run at the end of 2017, suddenly 10% of the population here had a crypto wallet or multiple crypto wallets on their apps. It was still a few percent of the population, and most of them were geeks. We’re building something that my mother could use and maybe even would want to use…
We’re going to help users get started with a really secure, user-friendly set-up guide in-app. And there’s no way you can, pardon my French, fuck this up. There’s no way. We’re gonna make it really easy.
Wietse Wind also mentioned the use of Xumm. The Xumm application does not require any expert help and is user-friendly.
In addition, Wietse Wind also talked about how the the app could give companies an easy opportunity to utilize the XRP Ledger and interact with consumers.
I think the enterprises will benefit from the platform and API, allowing them to easily connect with the users (consumers). When licensed, our gateway/bridge may definitely be a great fit for business use cases (if they want to use XRPL payments).