Ripple: XRP-based banking application Xumm launches with 3,700 users

  • The chief developer of Xumm, Wietse Wind, has announced on Twitter that the recently launched banking application still has some bugs but already reported 3.700 active users.
  • Xumm allows users to access banking services such as Fiat currency management, contact information and transaction tracking.

As Crypto News Flash already reported, the XRP-based banking application Xumm was launched a few days ago. On behalf of Ripple, XRPL Labs has developed Xumm, which relies on XRP as a bridge currency and is supposed to offer the same services as a bank without having to resort to an intermediary.

Xumm with slight teething troubles

The Xumm app was initiated by Dutch developer Wietse Wind, who has already pushed the development of the XRPTipBot and XRParrot products. The banking application has been available for Android users to download in a beta version since 30 March 2020. Xumm offers users the same functions as a bank account, so that Fiat currencies and contact information can be managed and transactions can be tracked. Furthermore, it is possible to deposit XRP to the wallet of Xumm and to make transfers in almost real time.

However, after a few hours of use, Android users have reported some bugs. According to the community, it is not possible to get to the start screen from some places in the app. After opening the app on the phone, the app starts but then the app gets stuck and it is not possible to get to the main menu. Wind thanked the community and promised to fix the errors as soon as possible.

Furthermore it should not be possible to take screenshots of the app on Android devices to send them to friends and relatives. Wind explained, however, that this function deliberately does not exist in order to prevent abuse of the sharing of account secrets. Wind explains this in more detail:

People can’t take a screenshot of the XUMM app. While annoying when sending a bug report or suggestion, we did this on purpose for security reasons: when your phone is compromised we want to prevent apps from sniffing your secrets/account/balance.

Despite the reported bugs, a large part of the community is satisfied with Xumm in the first test run. Some reviewers already asked for the official start date of the full version. However, so far XRPL has not provided an exact date for the release of the alpha version. Xumm is now also available on Apple devices (iPhone and iPad) for a few hours now, after the app was rejected in the first run.

Wind had to explain in detail why the app needs access to the camera of the mobile phone or iPad to be able to use the app to its full extent. After clarification, however, Apple released the app. Wind advises every user to send only small amounts of XRP to the app, since it is a beta version which, as it has become apparent, may still have bugs. After 14 hours, the app has already attracted 3,700 users and is still starting successfully.

XRP price moves sideways

The crypto market is currently showing an upward trend. XRP continues to follow a sideways trend, with a gain of 0.65% to a price of $0.1732 within the last 24 hours. With a market capitalization of $7.62 billion, XRP ranks third among the largest cryptocurrencies.

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About Author

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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