XRPL Labs introduces XUMM in an attempt to replace traditional banking with decentralized banking

  • 10 July 2019, Wednesday, 10:40

Ripple-powered XRPL Labs has been working on tech to simplify payments for not only major financial institutions, but also the crypto-community. One such XRPL Labs developer is Wietse Wind, the creator of XRP TipBot, who has been regularly talking about XRPL-bridged back accounts for users to hold, send and receive EUR on XRP ledger, ILP, and the SEPA network.

Wind’s application would be called XUMM and the team has already begun working on it. According to Wind, this application can become a reality only when they have received a license to issue bank accounts that are bridged with XRPL. Wind provided the users with a sneak peek at the project,

The application will function on XRPL and when the team acquires the license, it would be available for use in Europe. As for the XRP community in the United States, Wind said,

“I didn’t even planned it, and I’m fairly unfamiliar with the licensing in the US. Then again: it doesn’t even have to come from us: if we do EU and another party US, etc. XUMM will work with that as well, as long as it’s built on the XRPL ????”

This announcement comes after a Twitter user complained about SEPA, the Single Euro Payment Area (SEPA), formed to harmonize cashless payments and make cross-border payments inexpensive. However, according to a user review, the tech isn’t as swift as it is expected to be. The user, @autoweetafk, said,

“Just imagine if you could SEPA using Ripple Tech to the exchange and buy in minutes instead of having to wait days. Don’t even get me started on weekends.”

With XUMM, Wind and XRPL Labs planing to achieve this and making it a decentralized banking application for the crypto community, the native coin XRP was being traded at $0.3942, with a market cap of $16.78 billion, at press time.

Source: ambcrypto.com