Ripple-backed XRP payment platform will soon be ready for mass adoption

XRPL Labs has developed the XRP-based banking app “Xumm,” which is expected to offer the same extensive functions as a bank account. The app functions without the need for third-party (banks or other financial institutions) involvement and offers cross-border transactions in real-time. Xumm has been in beta since the end of March. The app dev, Wietse Wind, said that most bugs had been identified and fixed. However, he noted that there are still a few bugs to be fixed and that the app will soon be ready for mass adoption. Wind is a Dutch developer who has worked on other popular applications like XRParrot or XRPTipBot. 

Using Xumm, users can deposit and manage fiat currencies such as the USD or the Euro. Additionally, contact and transaction information can be managed, tracked and stored in the app as well. Since the app is completely based on XRP, the transactions can be processed in real-time. According to Ripple’s head of developer relations, Warren Paul Anderson, Xumm is much more than the typical crypto wallet.

At first look, Xumm may appear to be an ordinary crypto wallet for XRP. But to the trained eye, Xumm provides a host of features and functionality that make it a powerful platform for thousands of its individual users to ‘be your own bank.'

He further added that the app takes advantage of the decentralized exchange protocol that’s built into the XRP Ledger.

Xumm taps into the power of the XRP Ledger decentralized exchange by allowing users to add other currencies, including fiat, like US dollars and Euros. On the XRP Ledger these are called 'issued currencies,' which represent value held by other entities outside of the XRP Ledger.