The Platform Would Be Self-Sufficient, Without The Need Of Third Parties For Realtime Cross-Border Transactions

A new platform, dubbed Xumm, would soon see daylight, as Ripple Labs (XRPL) is clearing out bugs in the app. The Ripple-based application is aimed to be a substitute for a traditional bank account. Xumm would operate without the need for third-party intermediates, like banks or other institutions.

The app is in beta testing mode since March 2020, with its main developer, Wietse Wind, who noted that the majority of issues have been identified and fixed. The Dutch developer also worked on other XRP-based applications, such as XRParrot and XRPTipBot.

The new application enables users to manage and deposit several fiat currencies, including the USD and the Euro. The app would also store contact and transaction information, which can be manageable, traceable, and secure. The main pro of the app is since it is based on the original XRP transaction protocol, the transactions would happen in real-time.

Warren Paul Anderson, Ripple’s head of Developer relations, stated that despite looking like one, Ripple’s Xumm platform is “much more than your ordinary crypto wallet.”

“Despite bearing some similarities with and ordinary crypto wallet, Xumm provides a large variety of functionalities for thousands of users to be their own bank. Xumm relies on the existing XRP ledger, and allows for easy fiat deposits, which we call “issued currencies” Anderson added.

However, as of press time, Ripple’s third place in the best-performing cryptocurrencies ranking was taken by the controversial stablecoin Tether (USDT). Over the past month, Ripple’s price saw massive fluctuations, with a high of $0.235703, and hitting its 30-day bottom at $0.188483. Looking at the three-month charts, Ripple seems to be on an upwards streak. The post-COVID-19 52-week low of $0.115093, came after Ripple reaching a high of $0.246190.

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