The main goal of xrparrot is to offer fast and secure XRP to Euro conversion. The information has been released by XRP tipbot creator Wietse Wind.
Wietse Wind creates, generally, services that are easy to use and provide an smooth user experience. We are talking about the latest things he created such as a cryptocurrency online wallet, the XRP Tip Bot, or browsing information and statistics on the XRP Ledger.
Now he has a new website known as XRParrot that aims to create an easy to use and fast platform for buying and selling XRP for Euro. In the future, the intention is to add new functionalities and support other fiat currencies.
In order to start using the service, the user would have to enter the mobile number, the source IBAN from the bank account, and the XRP wallet that the user has to send the funds. After it, the information needs to be confirmed and activate the transfer to receive the XRP in the wallet.
In this way, the website would allow users to easily transition Euros to XRP just by using the best possible rates and lowest fees. It is important to mention that there is no need for human intervention. Additionally, the entire process is automated as soon as the user activates and confirms the transfer.
Users can use different wallets. It can be an exchange, a trading platform, an online wallet or even the XRP Tip Bot account.
In general the bank transfers using IBAN can take between a few seconds for some banks in Netherlands, and 4 to 8 hours for other banks in the European Union. However, if the transaction is sent during the weekend or Friday it could be processed on Monday depending on the bank.
The system is fast and simple due to the regulations that the European Union implemented. One of these regulations is known as PSD2 or Revised Directive on Payment Services. With it, banks have to make customer’s accounts available to connect freely and securely with other banks and financial companies. That means that there is a strong competition in the banking industry that promotes better practices among players.
Websites such as XRParrot are able to connect with these banks using IBAN and a telephone number.
Moreover, Wietse Wind said that the website will allow individuals to create a periodic withdrawal from bank accounts to specific wallets.
XRParrot purchases Gatehub Euro IOUs using the customer’s funds. After it, the system transacts these Gatehub IOUs for XRP on a decentralized XRP exchange. The XRP Ledger has always supported a decentralized exchange. Indeed, Gatehub was able to trade XRP and various other redeemable tokens using XRP Ledger. There are several Gatehub customers that hold XRP and are willing to exchange their XRP for Gatehub IOUs depending on the price.
Although this may seem complicated for most of the investors, the system works smooth and fast. Users do not even know that this is happening behind their operations. Indeed, they only see that they are able to convert their Euros to XRP.
Additionally, IBAN transfers are free for customers. That means that the fees taken will be reduced and small compared to other financial services. XRParrot will be charging just €1 per transfer and 0.3% platform fee. Gatehub, at the same time, charges 0.2% on its IOU trades.
As the XRP are immediately sent to the user’s wallet, there is no withdrawal fee. The service has lower fees than most of the other services for fiat-to-crypto transactions. That means that it is a very good option for users living in Europe.
At the moment, there will be a restriction of €500 Euros per month from the bank accounts. However, the limit may be increased in the future. It depends on XRParrot partner services and which are their limits as well.
In order to promote the new XRParrot, Wietse Wind explained that there will b e a Beta release in early Q4. That means that we are just a few weeks away from it.
XRParrot aims to expand cryptocurrency adoption by creating services that are easy to use and user friendly. In this way, Wietse Wind is able to promote cryptocurrencies in a very easy way.