New XRP-Powered App Will Link The Banking Sector To Crypto

Ripple and XRP have been in the spotlight a lot this year, and the only thing that the crypto enthusiasts are awaiting is XRP’s price to eventually mirror the achievements of the company and the increased adoption of the digital asset.

Ripple has been working really hard to boost XRP and Wieste Wind’s company XRPL Labs has been working even harder to support and boost the digital asset.

XRPL Labs is working on a banking app

WietseWind and his team are offering the very first glimpse at the company’s new banking application.

The app is called Xumm, and it has been created to allow users to hold and spend euros, dollars, XRP, and more currencies without the need of any financial institution getting involved in the process.

There’s a new image at the platform that’s showing an account manager which can send and receive XRP along with the transaction history and also an inbox that allows users to manage contacts.

Wind said that the company has been working really hard in order to obtain a banking license to make this happen and they will be having a meeting on the subject sometime this week.

The app will link banking and digital assets

Wind stated that the app is designed to bridge the world of banking and cryptos:

β€œ[Xumm] will deliver a user experience we know as online banking. Not just crypto. So, what it will allow you to do is check your balance and send your funds in any currency, because the XRP Ledger can handle any given currency issued on the ledger…”

He continued and explained that β€œWe’re not building a crypto wallet. We’re building a banking app. Except, without a bank. We’re building a banking app based on a digital ledger, based on the XRP Ledger and based on ILP (Interledger Protocol).”

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