Ripple-Backed Startup to Launch Banking App Based on XRP Ledger

The innovative Ripple-backed startup – XRPL Labs – announced at the recent Bitrue event in Amsterdam the development of a revolutionary new banking app based on the XRP Ledger called Xign.

Xign is a mobile app that acts as a banking app without the use of banks. It allows users to check balances and transfer dollars, euros, XRP, and other cryptocurrencies.

According to Wietse Wind, founder at nodum.io and one of the lead developers at XRPL, the new app is so easy to use that people unfamiliar with crypto wallets or digital ledgers will be able to use it comfortably.

During the conference, Wind described the mobile app as being extremely user-friendly, stating that it delivers a user experience comparable to traditional online banking.

Explaining more about the app, he said:

“So, what it will allow you to do is check your balance and send your funds in any currency, because the XRP Ledger can handle any given currency issued on the ledger… We’re not building a crypto wallet. We’re building a banking app. Except, without a bank. We’re building a banking app based on a digital ledger, based on the XRP Ledger and based on ILP (Interledger Protocol).”

Making Payments Easier

The app comes with an easy-to-use setup guide that enables users to take advantage of the app without complications, and will feature an account directory with look-up and social features to facilitate non-technical transactions for its users.

The app will also feature the ability to approve or deny payments to people and companies.

Moreover, Wind makes it clear that XRP will be the app’s native asset. Additional services, such as a “prepaid ILP wallet” that will be added later, will be in XRP as well.

All in all, this app is making payments easier, whether it be in cryptocurrency or fiat currency, using XRP as a bridge currency.

Will applications like this be a game changer in cryptocurrency adoption and usage? Let us know what you think in the comment section below.