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Ripple: Banking app will be live in alpha version by end of the year

  • XUMM banking application developed by XRPL is expected to complete the beta phase by the end of the year.
  • Ripple has financially supported XRPL and XRP inventor Wietse Wind to develop XUMM.

XRPL Labs recently revealed that the beta phase of the XUMM banking application will be completed by the end of the year. Accordingly, the Ripple-driven development company plans to release the alpha version of XUMM sometime in the last quarter of 2020.

In mid-July, XUMM released version 0.5.1 of its beta. There, bugs and failures were fixed and a “massive update” was done that put the application very close to the release of version 1.0. According to the announcement, a Translation Portal application for the XUMM console will be added in the coming months. In addition, the developer team will start to work on the final bugs for the release of a new beta version (0.7.0) that will precede a quick release of version 1.0 in the beginning of the last quarter of 2020:

For the remainder of 2020 and in the first quarter of 2021, most XUMM development will take place under the hood, while we work on all features to be included in the Q1 (2021) “2.0” release. This second, major release of XUMM will include more translations and a major addition: XUMM Pro(files).

The launch of the Pro version will also be an important step in the development of XUMM. Conceived as a paid version of the banking application, it will offer its subscribers a number of exclusive features and services. According to the XRPL Labs announcement, the Pro version will allow the development of XUMM to be self-sustainable.

Roadmap for the launch of banking app supported by Ripple

One of the features that will be included in the next XUMM updates is a Fiat off and on-ramps. The team behind XUMM is in discussions with some potential partners to offer escrow service for the Fiat off and on-ramps. After that, the developers will seek to create a unified experience for users with non-custodial accounts and accounts held by prospective partners:

This will allow consumers to use our XUMM app & one unified user interface and user experience no matter where and how their funds are stored.

Additionally, it was revealed that Ripple will sponsor a new amendment to the XRP Ledger nodes and validators. This will allow some use cases to be added to the Ledger that are not available at this time. Therefore, the developers will work on the so-called Hooks amendment that will provide the following use cases:

Auto saving (eg. send 10% of all outgoing payments to your own savings account).

Auto tipping/rewards (eg. support a charity or infra providers like validators automatically).

On ledger subscriptions to advisory lists like the XRPForensics list, to auto block incoming & outgoing transactions from and to scams, no matter the used XRP ledger client.

“Lite Accounts”: limited on ledger (potentially non custodial) balances for tipping, spending, etc.

As reported by CNF, XUMM was developed with financial support from Ripple to the developer Wietse Wind. He is known for releasing other popular applications such as XRParrot and XRPTipBot. The beta version of XUMM was released at the end of May this year with the aim of offering its users the functions of a traditional bank account without resorting to a bank.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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