Ripple's XRPL LABS, First Financial Institution without Accessing Dollar, Permits Possession of virtual Currency within the Application

Wietse Wind, the founder of XRPL Labs Inc., who received investment from U.S. Ripple, unveiled the UI (User Interface) of the XRP banking app currently under development on his Twitter account, presenting its design as a "mother-adap" and future plan.

The application under development is called 'Xumm', and users can hold euros, U.S. dollars, XRPs or other virtual currencies on the application without having to access other financial institutions. The key point is that it is not just a wallet application, but a banking application. In other words, users don't have to access common bank accounts, and the app itself becomes a bank account.

In the traditional form of Wallet, the process of moving assets from the virtual currency exchange or bank account to depositing cash in one's own account was common.

The user interface (UI) of the new app allows users to check XRP's remittance and receipt functions, transaction history, and message transmission and reception functions.

Wietse Wind said at a community event in Amsterdam late last month that the app is designed to serve as a bridge between the banking industry and digital assets, and Xumm will develop a platform or API exclusively for operators in the future. He also mentioned that this would further increase convenience as a bank account, resulting in a variety of Fintech businesses that would not involve conventional banking systems.

XRPL Labs, meanwhile, is a start-up to develop banking applications for XRP, which was established in October 2018 invested by Ripple (XRP).

Reporter Jenny Lee (news@dailycoinews.com)의 기사 더 보기

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