Ripple Is Getting Ready to Launch XRP-based Banking Application Xumm

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by Darya Rudz · 3 min read
Ripple Is Getting Ready to Launch XRP-based Banking Application Xumm
Photo: Coinspeaker

According to Wietse Wind, the lead developer of XRPL Labs, Ripple is considering launching not only a free version of the banking app but also a paid one that will be called ‘Xumm Pro’. 

Ripple’s Xpring initiative XRPL Labs is getting ready to launch its Xumm banking application. The app will allow users to store fiat and digital currencies in the wallet account, without any intervention from banks. In other words, Xumm offers banking services without banks getting involved.

Xumm banking application is powered XRP, the token that is widely used in Ripple’s solutions. Notably, it will be available for all kinds of users. Easy to use, the app requires no special knowledge with crypto-wallets or similar applications. Therefore, users will be able to easily connect with businesses using fast payments based on XRP.

A banking app without using a bank is a very convenient way for companies to utilize the XRP Ledger and interact with consumers. Besides, Ripple’s initiative demonstrates how crypto can take over the traditional monetary system. The app is definitely a breakthrough in the industry which is a step closer towards becoming a self-sustaining ecosystem.

Paid Version of Xumm Banking Application

Wietse Wind, the lead developer of XRPL Labs, said they are considering launching a paid version of the application, ‘Xumm Pro’.

According to Wind, the Xumm Pro service will have the same basic features free for everyone. However, some new features will bear additional value. But Ripple will not force users into a paid subscription.

Further, Wind asked the community if they would subscribe to Xumm Pro. The results of the survey were as follows: 36.7 percent said they would support the team. 30.9 percent said they would not. However, they would use the free version of Xumm. 22.4 percent also said they would buy the subscription as they would like to use the new features.

Ripple Will Run an IPO

In the upcoming months, Ripple is planning to go public with an Initial Public Offering.

The company’s CEO Brad Garlinghouse said at the World Economic Forum in Davos:

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”

Besides, Garlinghouse believes that an IPO is a natural evolution for Ripple.

Currently, it is unclear what impact the event will have on XRP price. Speculations differ. But obviously, the money raised will be used for the development of the XRP ecosystem and applications like Xumm.

In addition to an IPO, Ripple is planning to make new great partnerships this year. In 2019, the company partnered with banking giants Santander and Bradesco and launched operations in Brazil. Ripple is planning to further expand its activity in this country by including more financial institutions.

Altcoin News, Blockchain News, Business News, Cryptocurrency news, FinTech News
Darya Rudz
Author Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.

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