Ripple Backed Startup XRPL to Launch Xign Banking App Using the XRP Ledger

XRP Labs (XRPL), a company backed by Ripple, the creator of the XRP tokens, has recently made a huge announcement this week.

The founder of the company, an executive named Wietse Wind, has confirmed that XRPL is currently working on an app that is designed to make users able to send crypto from wallet to another one. The reveal happened during a Bitrue event in Amsterdam this week.

According to the founder, the new app will be called Xign and it will be a completely mobile banking platform that will allow its clients to use several fiat currencies such as the euro and the dollar and other cryptocurrencies like XRP tokens. They will be able to do it without the help of any other financial institution.

Xign will be created in order to deliver an online banking experience that will not work with only cryptocurrencies but also fiat. This way, people will be able to check their balances in real time and to send their funds to other people or to pay for services using the XRP Ledger at any time they wish to.

Making Crypto Easy

The company wants the new app to be more than just a crypto wallet but a proper banking app that does not need a traditional bank in order to work. To do it, they are using the XRP Ledger and the Interledger Protocol technology, which will help them to make the transactions that they need to create the app and make it work well.

Wind affirmed that the main plan now is to create a service that will make payments simple. This way, it will be more likely to get mainstream approval since people who are not properly introduced to the crypto world will be able to use the app.

According to him, it is not an app “for geeks”. There are way too many crypto wallets for tech savvy users right now and a good chunk of the population had crypto wallets at least once when Bitcoin was trading at high prices. However, most of these people were very comfortable with technology, they were young and understood cryptos better.

This app is supposed to be something more, something that will be used by mothers, older people, etc. Because of this, part of the main goal is to set up something that can be very friendly and that there is no way you can screw up because the app won’t let you.

Wind also said that the platform will not even allow people to send funds to other crypto addresses. They will only be able to use a directory that will use accounts. Why? Because they are afraid that people will simply throw the money away if they made a mistake or send it to the wrong address, something that happens with crypto sometimes.

Ripple’s XRP is expected to be one of the highlights of the new platform as the company has received the backing of Ripple’s fundraising arm this week. Will the project work out? It is still too early to say, but we can affirm that it has a fair chance.

… And when accepting a payment request (from a friend, business, in a store, etc.) you will be able to select any balance (IOU or XRP) you like. The transaction may autobridge using XRP, on the fly. I absolutely LOVE that feature by the way.

— Wietse Wind (@WietseWind) May 31, 2019

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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