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Ripple: XUMM banking app best usecase of XRP ledger

  • Xpring shows great confidence in XUMM as the best usecase of the XRP Ledger and promises the developers further financial support.
  • The PayID Hackathon brings new ideas and possible applications for XRP.

Warren Paul Anderson of Xpring recently announced that Xpring has signed a new three-year contract to support XRPL Labs and XUMM. He called XUMM “One of the best representations of the XRP Ledger”. Xpring is Ripple’s investment arm and is driving the adoption of XRPL-based applications.

XRPL continues to invest in collaboration with XUMM

Considering XUMM’s development over the last months, this is not surprising. As Crypto News Flash already reported in March, the app started with about 3,700 users. Although the app still had a few bugs at the start, less than two months later in May, chief developer Wietse Wind said that XUMM would soon be ready for mass deployment.

This assertion was shortly thereafter substantiated by XUMM with a massive update with over sixty fixes. XRPL promptly provided another cash injection in early August to further XUMM’s development.

According to Wind, one of the main goals of XUMM is to enable trading in currencies such as the euro, dollar and XRP independent of banks. Above all, the simplification of peer to peer payments and payments in trade is to be simplified. And it is obvious that Xpring considers XUMM to be the most promising solution for this essential area.

The Xpring PayID Hackathon brings exciting innovations

On August 7, Xpring CEO Warren Paul Anderson announced the winners of the PayID Hackathon. Organized by Ripple, the six-week hackathon attracted 360 developers with prizes of more than $25,000 and resulted in more than 40 projects.

Anderson wrote that many of the projects exceeded the expectations of the organizers in quality and demand. After the selection of the ten finalists, they got the chance to present their projects to a top-class jury of experts. Among others, David Schwartz aka “JoelKatz”, CTO of Ripple, and Ethan Beard, SVP of Xpring, were among them.

Among the top 10 were projects such as Brisk ID, which allows anyone to set up a PayID via mobile phone. One of the main goals of the developers was to make new technologies accessible to normal people.

Ripay also made it into the top 10. The app makes it possible to send contacts from Discord, Telegram, Slack and other services via PayID XRP with just one message.

The top 3 consisted of an app from Usend that links bank accounts to PayID, a PayID Marketplace for video games from 0games and a tool from PayID Validator to validate PayID response headers. The variety of topics and possibilities that the developers found for PayID is striking. But the focus was clearly on usability and the removal of barriers to the use of the new technologies. Some of these ideas certainly point to upcoming trends.

Connect with Collin Brown on X (Twitter) for valuable market insights and frequent updates!
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About Author

Collin is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Collin endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Collin's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Collin's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Collin continues to be a driving force in the cryptocurrency community.

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