The Ripple-backed startup, XRPL Labs have released a new banking app dubbed the Xumm and are showcasing it now.
Xumm, as they have been calling it, is used to allow users to hold both fiats as Euros, Dollars, and cryptocurrencies as, no doubt, Ripple’s XRP itself and other currencies- both virtual and material without any intervention from a bank. The app has tabs for transaction history, inbox for managing contact information.
A banking license is yet to be issued to XRPL Labs for their app to work independent of banking institutions and the head of XRPL Labs, Wieste Wind, says that they will hold an “interesting meeting” in the next week.
Working on that 😀 Got a interesting meeting next week 😎 Really looking forward to it!
— WietseWind (🛠+🪝 Xumm @ XRPL Labs) (@WietseWind) July 5, 2019
Wieste Wind, in a community event, held in Amsterdam, said that their app, Xumm will deliver an online banking experience like no other. It will be a step towards bridging the world of banking and digital assets by XRP ledger’s ability to handle any asset given to the ledger to store/transfer.
The XRP ledger is based on the Interledger Protocol (ILP). The app makers promise a bank and not a wallet, as they have branded Xumm to be a transaction market for currencies.
Thank you! (@ThisIsTRISS 💪). I think the enterprises will benefit from the platform & 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) 😎
— WietseWind (🛠+🪝 Xumm @ XRPL Labs) (@WietseWind) July 5, 2019
Wieste Wind further stated that Xumm would not need much expertise to operate. His commitment to the cause is portrayed by his eagerness to allow the app to be so user-friendly, that the elderly will be OK with it. According to Wind, the app will be secure, and the setup guide will take you through the basics.
Wieste Wind also promised enterprises to take away customers they please by directly interacting with them. However, XRPL payments will be necessary.
