By
Chimamanda U. Martha
April 18th, 2024
Ripple’s Xumm banking app that will be soon available for mass adoption is more than an ordinary digital asset wallet as it offers a wide array of functionalities both to retailers and developers.
In its pace to widen and strengthen XRP utility, Ripple Labs announced that its Xumm banking app will soon be ready for mass adoption. After releasing the XRP first-quarter report, Ripple announced that it will significantly cut its periodic XRP sales to focus on the asset utility. True to its word, in less than two months and traction on the ground can already be felt.
According to data from coinmarketcap.com, XRP is the fourth-largest cryptocurrency by market capitalization, whereby at the time of reporting the figure stood at $8.5 billion, having been overtaken by USDT with a market cap of $8.79.
XRP adoption will significantly be bolstered by the increase in ODL customers, whereby more customers from the EURUSD corridor are moving towards implementing it. This was confirmed by Ripple CTO David Schwartz in a tweet.
I didn't think it would make sense in corridors that are already so efficient and liquid, but we have customers who say the speed and availability at all hours and during holidays makes it useful to them.
— David "JoelKatz" Schwartz (@JoelKatz) May 24, 2020
XRP ledger users will now get a chance to create an account, send and receive funds, track transactions, check balances and also exchange value on the XRPL. To keep the system secure from scammers and network attacks, users will have to deposit 20XRP for account activation.
Xumm Banking App Future with XRP
Xumm app was built by Wietse Wind, a major developer within the XRP community, together with Ali Mohammad1oo and Tristan Vande Kamp. The app is more than an ordinary digital asset wallet as it offers a wide array of functionalities both to retailers and developers.
After its official launch, Xumm will provide users with the ability to store their XRP ledger private keys in a secure place. Account creation in the new Ripple’s banking app will take the users more time and concentration than opening a normal wallet account, for security purposes.
In the process of account creation, Xumm generates a random set of eight six-digit numbers to act as a personal private key. The set of numbers are essentially used whenever a user loses access to their phone and is compelled to download the application afresh.
To make the asset more decentralized, the app does not store the set of numbers, hence any instance of misplacing them would render the coins stored useless. The app will allow users to add other currencies including fiat currencies like the US dollar.
“On Xumm, a user can select different issued currencies to add to their account by connecting to external entities through “trust lines”,” the blog stated.
This will greatly enhance the XRP interoperability in different cross border corridors, which are the target point for the asset.