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According to XRPL Labs, the development studio powered by Ripple, the first non-beta version of the XRP-focused banking app, Xumm, is planned to launch in the early fourth quarter of 2020.

The Purpose of XUMM to XRP Holders

The banking app, XUMM, allows users to store and spend their Ripple’s digital token XRP with the aim of creating a means for investors and traders to be their own bank.

According to XRPL Labs, via the XUMM app, people will be able to spend dollars, euros, and XRP without the need for any intermediary or third-party.

Roadmap for the Launch of First Non-Beta Version of XUMM

In the roadmap made available by the XRPL Labs, new fiat options will be added to the banking app XUMM, including offramps and the introduction of a new amendment to the XRP Ledger known as “Hooks”.

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The considered change is targeted at offering new utilities such as automatic saving and tipping, including blocking of transactions initiated by scammers.

According to XRPL Labs, there is a plan to work on internal development testing, testing procedures for Xumm, app translation portal to the Xumm developer console, and bug fixes.

The roadmap indicates that the firm will release the 0.7.0 beta version in the third quarter of 2020, while XUMM 1.0, the first non-beta version of the banking app, will go live in the early fourth quarter of this year.

Regarding the plan for 2021, the firm said:

“For the remainder of 2020 and in the first quarter of 2021, most XUMM development will take place under the hood, while we work on all features to be included in the Q1 (2021) ‘2.0’ release. This second, major release of Xumm will include more translations and a major addition: Xumm Pro.”

Xumm Pro Users Need KYC

XRPL Labs further stated that Xumm Pro users with a Xumm Profile must undergo a know-your-customer (KYC) verification process in order to gain access to more features such as Xumm Profile recovery, profile personalization, and a hosted PayID.

“The introduction of XUMM Pro will allow XRPL Labs and the development of Xumm to become self-sustaining.” XRPL Labs stated.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.