XRPL Labs, a company that specializes in developing XRP ledger applications, recently announced the creation of an XRP banking app called Xumm. The latest XRP application is expected to offer the community several functions provided in banks.
XRP banking app to function independently from third parties
The Ripple-backed XRP banking app will serve as a bank account for XRP users, and will also operate independently from third-party organizations like banking institutions or any finance-related companies. Additionally, Xumm will allow real-time transactions to cross several countries per the report.
Transactions involving the XRP banking app are executed in real-time, given that the application is solely based on the Ripple digital currency. More so, the information concerning the transaction, as well as the contacts, will reportedly be secured and managed on the application.
Xumm will equally enable the XRP community to deposit traditional currencies of their choice, like the US dollar, and Euro, since it leverages the XRP Ledger decentralized exchange protocol. Warren Paul Anderson, who oversees the developer relations at Ripple, said the soon-to-be-launched XRP banking app is far beyond a mere digital currency 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.
Xumm in beta mode
At the moment, the application is in beta mode on the Google Play Store and App Store. As per the lead developer, Wietse Wind, they could identify and resolve several bugs on Xumm, although some are yet to be fixed. However, he assured that the XRP banking app would be ready in near time for mass adoption.
Wind is an XRP-devoted developer, who has worked on several XRP applications such as XRPTipBot, and also the XRParrot.