Ripple powered Xpring’s XRPL Labs has announced a new application called Xumm, which will allow users to store fiat and digital currencies in the wallet account, without any intervention from banks. In other words, Xumm offers banking services without banks getting involved.
XRPL Labs’ Lead Developer, Wietse Wind stated that the ultimate goal is to build something more than a crypto wallet, something more like a banking app, but without banks. He further added,
“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 percents 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.”
Wind further stated that the Xumm app does not require any expert help, and has a user-friendly interface. Speaking about the uses, he stated that enterprises will be the biggest beneficiaries of the platform and API, which would let them to easily connect with consumers. If Ripple manages to pull this out, it will be a breakthrough in the industry and will be a step closer towards becoming a self-sustaining ecosystem, where crypto will take over the traditional monetary system.