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Ripple: XRPL expands financial support for XUMM banking app

  • Ripple’s investment arm, Xpring, announces increased investment in XRPL Labs to support XUMM banking application.
  • Xpring highlights developer Wietse Wind leadership as key factor in XUMM’s development.

Ripple‘s investment arm, Xpring, announced increased funding for XRPL Labs. Led by developer Wietse Wind, XRPL Labs is working on the XUMM banking application. In that sense, Xpring announced that the increase of its investment in XRPL Labs is part of a “wide effort” to support companies and projects that are building on the XRP Ledger. Xpring says:

Today, we are announcing an additional investment in XRPL Labs to support the continued growth and development of its Xumm Wallet & Platform, which Xpring believes is one of the best representations of the XRP Ledger.

Ripple supports XRP Ledger developers

XUMM is a banking application developed by Wietse Wind. The developer of XRP Ledger is known to have released applications like XRParrot and XRPTipBot. Xpring initially invested in XRPL Labs in early 2019. Since then XUMM has made significant progress and shortly released version 0.5.1 of its beta phase.

According to the announcement, XUMM’s wallet and its platform allows user to manage accounts in the XRP Ledger as well as sending and receiving XRP without the need for third party custody. The application is designed to offer the services of a bank, without the need for the intervention of financial institutions. Xpring highlights that XUMM has added support for PayID and the efforts made by the XPRL Labs team:

Together with his team, Wietse’s energy, creativity, and enthusiasm for building things on the XRP Ledger has helped to catalyze a growing community of developers around a shared passion and vision for building the Internet of Value using XRP.

According to a recent update, the beta phase of XUMM should be completed by the end of the year. Therefore, XRP Labs is expected to release the alpha version of the banking application in the last months of this year. However, a new update (0.7.0) will be published first before the final release of version 1.0. As part of the development of XUMM, XRP Labs announced that a Pro version will be released. Their goal is to make XUMM development self-sustaining.

Wietse Wind celebrated the expansion of Xpring’s financing. Through his Twitter account, the developer said he was proud of XUMM’s progress and congratulated the team at XRP Labs. Wind added that although they received funding from Xpring, this was not enough to cover the two years of development that the application has needed, so far. Wind hopes that the new investment will be bigger and will cover the entire development of XUMM.

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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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