Ripple is making a banking app, and the founder of Ripple just showed it off.
Xumm, an app designed to allow users to hold and spend euros, dollars or XRP and other currencies without any help from a financial institution. The app allows users to send and receive XP, with an account manager that displays transaction history and allows users to manage contacts.
The app won’t act as a cryptocurrency wallet, but will, in fact, be a banking app, without a bank! The app is based on the blockchain digital ledger technology and utilizes technology behind XRP and Interledger Protocol.
Don’t worry, just because this sounds complicated, it doesn’t mean it is, since this is geared towards the average user. Crypto wallets were more complex and built for geeks, but even those companies have begun simplifying it. The app is built in a way such that even people less familiar with technology, kind of like a lot of older people.
The app’s going to be so easy to use, there’s very little chance of a mishap. Especially with the user-friendly guide set inside the app. Enterprises will benefit from the platform and API, allowing them to easily connect with the users. When licensed, their gateway/bridge may definitely be a great fit for business use cases that want to use XRPL payments.
The app is an excellent way to bridge currencies in a manner that is easy to show to mainstream consumers how cryptocurrency might really not be that different from a US Dollar or European Euro. The app could lead more users to delve further into the cryptocurrency world, and is an excellent undertaking by Ripple Labs. The release date hasn’t really been announced yet, this was more of a sneak peek, but it is probably closer than most of us think!