Ripple took a closer look at a new, XRP-focused platform designed to give holders of the third-largest cryptocurrency a unique way to hold and spend their asset.
The platform, called Xumm, is backed by XRP L Labs and is currently in beta on both the App Store and Google Play.
According to Ripple developer relations manager Warren Paul Anderson, Xumm is much more than a typical crypto wallet.
“At first glance, Xumm may look like a regular crypto wallet for XRP. But for the more discerning eye, Xumm provides a host of features and functionality that make it a powerful platform for thousands of its individual users to ‘be their own bank’. “
XRPL Labs says the ultimate goal for Xumm is to give people a way to save and spend dollars, euros, XRP and other currencies without the need for help from a financial institution.
According to Anderson, he will also benefit from the decentralized exchange protocol built into the XRP leader.
Xumm takes advantage of XRP Ledger’s decentralized exchange by allowing consumers to add other currencies, including fiat, such as the US dollar and the euro. In the XRP ledger, they are referred to as “issued currencies”, which are values held by entities other than the XRP leader.
The financially issued fiat currencies on XRP Ledger’s decentralized exchange are similar to stable coins, such as Tether (USDT), on other centralized exchanges that have gained considerable popularity over the past few years, store and access the keys to their crypto assets.
Xumm has been in beta since the end of March and has no definite release date.