New Ripple app wants users to "be their own bank," exchange currencies on XRP Ledger

An application built on XRP Ledger by a team funded by Xpring is looking to make a splash in the XRP community, courtesy of their Xumm mobile app.

Under development by XRPL Labs, a firm that develops products solely for XRP Ledger, Xumm is an "All-inclusive" platform that allows XRP holders to settle and track transactions, create accounts, and "Exchange value" on the Ripple blockchain, among other features.

A recent blog post written by Ripple's Warren Paul Anderson on Xpring, an open-source RippleNet community, highlighted Xumm's features, exploring what makes the app important for the broader XRP community.

New accounts require an initial 20 XRP transaction, or about $4 at current prices, that act as a "Base reserve" for account activation.

Unlike XRP transfers on most wallets and crypto-exchanges, Xumm does not require a "Destination tag," which Anderson compares to a bank's routing number that is further linked to millions of user accounts.

As XRP Ledger is a decentralized exchange, Xumm's developers have managed to create a cross-asset protocol that lets users transact in fiat currencies like USD and EUR, termed "Issued currencies" on the Ledger.

A user can select different issued currencies to add to their account by connecting to these external entities through "Trust lines," which are links between accounts on the XRP Ledger that allow issued currencies to be exchanged on the XRP Ledger for XRP and other issued currencies.

Wietse Wind, an XRP product developer and part of the XPRL Labs trio, is credited as one of Xumm's creator.

Wind's other projects include the XRP tipbot, popular in Ripple communities, alongside other work with XPRL. Wind tweets Xumm's newest updates will be available on PlayStore and AppStore shortly.

Ripple continues to face flak for its intransparent approach towards XRP issuance and distribution.