Ripple close to launching banking application Xumm based on XRP

  • XRPL Labs is about to release the Xumm banking application that uses the native token of Ripple,  XRP. The application is designed to drive the adoption of XRP.
  • Xumm allows its users to access banking services such as fiat currency, transaction tracking and contact information. 

Ripple’s initiative, XRPL Labs is close to launch the Xumm application based on Ripple’s native token XRP. The application will offer its users the ability to access services of a traditional bank without the intervention of a third party and is expected to drive the adoption and use cases of XRP.

Ripple launches Xumm as an alternative to banks

The lead developer of the project is Wietse Wind, known for creating the XRPTipBot and XRParrot products.  The application is designed to make banking services easily accessible to everyone. For example, maintaining fiat currencies (such as the dollar and euro), having contact information, transaction records, and balance information. As proposed by Ripple, users will have a bank without depending on one.

Most importantly, Wietse Wind and XRPL Labs have focused on developing an application designed for all kinds of users. Therefore, the application interface will be easy to use and no advanced knowledge with crypto-wallets or similar applications will be required. The easy operation of the Xumm platform, according to Ripple, will allow users to conveniently connect with businesses using fast payments based on XRP.

Through his Twitter account, Wietse Wind said XRPL Labs is considering launching a paid version of the application, “Xumm Pro”. According to the developer, this will allow other features to be developed for the application. Wind pointed out that none of the essential features of Xumm will be blocked if the decision is made to release a paid version. He stated that the pro version would only aim for Xumm’s services to have added value.

The developer conducted a survey to ask the community if they would subscribe to Xumm Pro. At the time of publication, 36.7% of users responding to the survey said they would do so to support the developer and 31.1% said they would not, but were willing to use Xumm.

Ripple will go public with an IPO

As reported by CNF, Ripple CEO Brad Garlinghouse announced that the company will go public in the coming months with an Initial Public Offering (IPO). An exact date is not yet known, but there is speculation that this move could have a positive impact on the price of XRP. In addition, the capital raised from an IPO could drive the development of the XRP ecosystem and applications like Xumm.

However, there is still no consensus in the community on what the impact on the price of the XRP will be. There is also a possibility that the token’s performance will decline if investors who benefit from the purchase of XRP no longer find a reason to invest in the token.

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At the time of publication, XRP’s price trades at $ 0.23 USD, with a slight gain of 0.74% in the last 24 hours.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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