Xumm Launch won’t Have Any Effect on XRP Price, Assures XRPL Labs’ Lead Developer

  • XRPL Labs’ developing a banking app called Xumm based on the XRP Ledger and Interledger Protocol (ILP)
  • Already down by 14%, Don't expect Xumm to have any positive effect on the XRP price

Recently, Ripple’s Xpring initiative XRPL Labs introduced its new banking product called Xumm.

This application will allow users to store both their fiat and digital currency in their accounts without any bank intervention. However, for this, they need a license that XRPL Lab’s lead developer Wietse Wind said they are working for and will be holding relevant meetings next week.

A Banking App without a bank

Xumm is not just for crypto as been emphasized by Wind who says they aren't building a crypto wallet rather a banking app but without a bank.

It’s a banking app based on the XRP Ledger and Interledger Protocol (ILP).

“We’re going to help users get started with a really secure, user-friendly set-up guide in-app. And there’s no way you can, pardon my French, fuck this up. There’s no way. We’re gonna make it really easy,” said Wind.

But not just for users. According to Wind, it will also allow enterprises to easily connect with their consumers.

“When licensed, our gateway/bridge may definitely be a great fit for business use cases (if they want to use XRPL payments),” added Wind.

XRP Down by 14%, Don't Expect Xumm to have any Positive Effect on Price

However, if you are expecting XRP price to benefit from this, then you are wrong as Wind “temper those expectations” for you.

Xumm, Wind believes is going to be “one of many” things that will potentially help the ecosystem grow along with the utility and use cases, however, he “ensures” that a “Big Bang” won’t be happening.

For starters, Xumm will allow people to pay and be paid using the XRPL, so it won’t have any effect on the price, except for may be speculation.

From here, “if everything goes the right way” of course, the number of users, payments, DEX exchanges, and liquidity will grow “slowly.”

This is when XRP price may have an effect but Wind says it will be about impossible to track that appreciation in the value of the digital asset as it is about more usage, more liquidity, and more demand.

Currently, XRP price is deep red. Down by 13.38 percent in the USD at $0.338 while trading at 2894 sats. The third largest digital asset is actually down by over 4.73 percent till date in 2019.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,469FansLike
2,795FollowersFollow
4,232FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

Dapper Labs Raises $12M with NBA Players from the Brooklyn Nets & Miami Heat Participating

Vancouver-based Dapper Labs has raised $12 million in its latest financing round with additional backing from Coinbase ventures and Distributed Global. Its existing investors...

DeFi App Aave Creates First Credit Delegation Loan to DeversiFi Decentralized Exchange

DeFi lending platform, Aave completes its first-ever ‘credit delegation’ as DeversiFi borrows over $230,000 without posting collateral. The service agreement was signed on...

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a...

Polkadot (DOT) Launches The First Parachain Implementation Testnet, Rococo

Polkadot introduces parachain functionality with Rococo testnet, a Proof of Authority (PoA) network, allowing users to send direct messages to the Relay Chain and...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today