- August 23, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Xumm, a native wallet for the XRP Ledger developed by XRPL Labs, revealed a partnership to expand its payment capabilities. According to an official post, the wallet partnered with GateHub to add more On and Off-Ramp options.
XRP Ledger Increases Payment Capabilities
The announcement claims the partnership will allow Xumm users to seamlessly transfer value between different payment networks in the nascent industry and the legacy financial world. These networks include Bitcoin, Ethereum, and other cryptocurrencies.
In addition, users will have access to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) and the Single Euro Payments Area (SEPA). Due to these integrations, the team behind the XRP Ledger native wallet classified the partnership as a “significant step forward for the XRPL ecosystem.”
Wietse Wind, founder and lead developer at the company behind Xumm’s development, stated the following regarding the announcement:
Blockchain technology has a lot to offer when it comes to making existing payment flows viable. GateHub and Xumm joining forces, will remove most of today’s friction by streamlining the On/Off-Ramp process. This kicks off many of the XRPL powered retail and utility focussed endeavors we envisioned years ago.
As seen in the image below, the integration was designed to provide users with a simple interface, the announcement also claims, to interact with the crypto wallet, the different blockchains, and on and off-ramp options.
The partners clarified that the integration will rolled out “gradually” to every user. Enej Pungerčar, CEO of GateHub, added:
We are excited to join forces with Xumm and make it easy for its customers to seamlessly transfer funds in and out of their XRPL account straight from Xumm. Any new asset that GateHub lists in the future will also be supported by our On/Off-Ramp bringing even more value to the XRPL ecosystem in the years to come.
In addition to BTC and ETH, Xumm will enable access to other cryptocurrencies, including Wrapped XRP (WXRP), USDC Coin (USDC), Flare (FLR), Ethereum Classic (ETC), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DSH), Gala (GALA), and others.
Xumm has been one of the most anticipated projects in the XRP ecosystem. XRPL Labs developed the projects for years, aiming to provide XRP users with a native option to access financial services.
As of this writing, XRP’s price trades at $0.52, with a 12% loss in the previous seven days.
Cover image from Unsplash, chart from Tradingview
