The XUMM banking app will soon be ready for mass adoption

Source: Wit Olszweski – Shutterstock

• XRPL Labs has released the latest beta for the XUMM banking app.
• XUMM is about to launch the productive version and release the app to the public.

XUMM is a decentralized app that combines all the functions of traditional online banking in one application. The app was developed by XRPL Labs on behalf of Ripple and relies on XRP as a bridging currency to process transactions quickly and cheaply in near real time. Users don’t have to worry about third parties like banks or other financial institutions, but they can directly access their capital without diversion.

XUMM is about to be released alpha

Wietse Wind, the founder of XRPL Labs, has now informed the community with a new update that the latest beta 0.6.0 has been released and numerous bugs and errors have been fixed. After that, version 1.0 should follow, but there is no exact time frame yet. Wind is a Dutch developer who may already be familiar to some people of other applications such as XRParrot or XRPTipbot and is considered to be the lead developer of XUMM. The app launched on March 30, 2020 and has received numerous updates since then.

The new version 0.6.0 of XUMM will be available tomorrow in the Apple iOS App Store and in the Google Play Store (or maybe even in a few hours).

This is most likely the latest Beta. Next: 1.0.

Here is the list with improvements, added features and fixes: https://t.co/ZqFh7RRmrD

– XUMM Wallet (@XummWallet) November 15, 2020

Through XUMM, you can deposit and manage fiat currencies such as USD or Euros. It is also possible to manage and store transactions and contact information. The lead developer goes on to explain that a lot of feedback from the community has been incorporated for this release in order to fundamentally rework the user experience and interface. The new version includes the following updates from the XUMM tips tab, among others

Additionally, the event list has been revised so that account symbols and active accounting objects such as escrow or checks are now displayed on special tabs. As already reported by Crypto News Flash, it is possible to issue checks through XUMM, which the recipient can receive at a later time.

In addition, non-activated accounts are displayed on the home screen, which can be used with a QR code for application funding. The QR scanner can now also be used to scan a destination marker, such as a different XRP address. With the new version, XUMM also shows visibly within the app as soon as there is a new app update.

In addition, a serious error that was previously displayed when the XUMM wallet underwent a migration, for example in the form of backup, has been fixed. Account recovery now works flawlessly and without further problems, Wind says. In addition, several other bugs that occurred in conjunction with the use of PayID have been fixed. A full list of all the new features can be found under this link.

Central banks view the XRP ledger for stablecoin production

More recently, Brad Garlinghouse revealed that some central banks have shown great interest in using XRP Ledger to launch stablecoins on it. Ripple’s CEO further criticized the fact that XRP is much more difficult to use than Bitcoin, as regulatory measures and important legal issues on whether or not XRP is a stock are still not fully resolved.