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Ripple-Backed XRPL Labs Reveals New Look at XRP-Powered Banking App

July 07, 2019

The founder of the Ripple-backed startup XRPL Labs is offering a first look at the company’s new banking app.

The app is called Xumm and is designed to allow users to hold and spend euros, dollars, XRP and other currencies without any help from a financial institution. A new image of the platform shows an account manager with the ability to send and receive XRP, along with a transaction history and an inbox that lets users manage contacts.

The head of XRPL Labs, Wietse Wind, says the company is working to obtain a banking license to make it happen and has an “interesting meeting” on the subject next week.

At a recent community event in Amsterdam, Wind said the app is designed to bridge the world of banking and digital assets.

“[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…

We’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).

It’s not for geeks. We know that crypto wallets are for geeks and then somewhere near the bull run at the end of 2017, suddenly 10% of the population here had a crypto wallet or multiple crypto wallets on their apps. It was still a few percent of the population, and most of them were geeks. We’re building something that my mother could use and maybe even would want to use…

We’re going to help users get started with a really secure, user-friendly set-up guide in-app. And there’s no way you can, pardon my French, fuck this up. There’s no way. We’re gonna make it really easy.”

In addition, Wind says the app could give companies an easy way to utilize the XRP Ledger and interact with consumers.

“I think the enterprises will benefit from the platform and API, allowing them to easily connect with the users (consumers). When licensed, our gateway/bridge may definitely be a great fit for business use cases (if they want to use XRPL payments).”

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