Ripple has just taken a deep dive on a new XRP-focused platform designed to provide holders of the third largest cryptocurrency with a unique way to hold and spend their cryptocurrency.
The platform, called Xumm, comes from Ripple-supported development studio XRPL Labs and is currently in beta for both the App Store and Google Play.
According to Ripple’s developer relations chief, Warren Paul Anderson, Xumm is a lot Lake than the typical crypto wallet.
At first glance, Xumm may seem like a regular crypto wallet for XRP. But to the trained eye, Xumm offers a myriad of features and functionality that make it a powerful platform for thousands of its individual users to “be your own bank.”
XRPL Labs says the ultimate goal of Xumm is to provide people with a way to save and spend dollars, euros, XRP and other currencies without the help of a financial institution.
According to Anderson, it also benefits from the decentralized exchange protocol built into the XRP Ledger.
“Xumm harnesses the power of the decentralized XRP Ledger exchange by allowing users to add other currencies, including fiat, such as US dollars and euros. On the XRP ledger, these are called “issued currencies,” which represent the value of other entities outside the XRP ledger.
Fiat-denominated currencies issued on the decentralized exchange of the XRP Ledger are similar to fiat-backed stable currencies, such as Tether (USDT), on other centralized exchanges, which have grown in popularity in recent years. “
The app is non-custodial, allowing users to directly store and access the keys of their crypto assets.
Xumm has been in beta since late March and there is no set date for the official release.
Featured image: Shutterstock / Tatiana Shepeleva