Application from banks
According to reports coming from the founder of Ripple’s XRPL Labs, the company will be showing a newly developed banking App. This App goes by the name Xumm and will give users the ability to hold and spend, dollars, euros, XRP. All this without the need for a third-party intermediary like a bank or financial institution in the transaction.
Users of the App will be able to send and receive XRP’s along with other cryptocurrencies, blockchain data and an inbox to manage contracts. According to the head of XRPL Wietse Wind, the company may need a banking license in order to bring this app to the market. He also mentioned at an Event in Amsterdam, that the designing of this app will be to bridge the banking services together with digital assets.
The Xumm App will be able to deliver a great user experience with online banking and cryptocurrency. The App will help you to check your balance and send money in the currency of choice.
The company has made it clear that it is not building a crypto wallet, but will function like a banking app. The app will be based on a digital ledger using the XRP crypto along with an ILP(Inter-ledger Protocol).
The crypto space has started to build a lot of crypto wallets in order to make people enjoy using cryptocurrencies, most people who used crypto back in 2017 did not have much ease of use with wallets. This banking app makes it easy for users of the app to use crypto and will provide users with a secure, user-friendly set-up guide for the application.
The company also said that the app will be able to give other companies an easy way of utilising these XRP’s coins along with its XRP Ledger.
Further stating that:
“I think the enterprise will benefit from the platform and API, allowing them to easily connect with the users and consumers. When licensed, our gateway/bridge may definitely be a great fit for business use cases. (if they want to use XRPL payments).”