Eighteen months after investing in XRPL Labs, Xpring (Ripple’s investment arm and developer platform) announced an additional investment in the start-up. The new investment aims to support the continued growth and development of its XUMM App & Platform
Xpring first invested in XRPL Labs back in February 2019 to allow the company to dedicate more time and resources to its projects, which it would independently select.
XRPL Labs developed XUMM, an app and platform that allows individual users and developers to manage XRP Ledger accounts, as well as send, receive, and store XRP —including issued currencies (IOUs) on the XRP Ledger— in a non-custodial way. Xumm also recently added support for PayID to help the app scale to support other payment networks.
XUMM was first launched in beta in March 2020. In mid-July, XUMM went through some major updates, with 60 changes, additions, improvements, and fixes.
According to XRPL Labs’ roadmap, the company will be working on adding FIAT on and off-ramps to XUMM. XRPL Labs will partner with experienced, trusted players to add on and off-ramps and custody. XRPL Labs is already talking to a few potential partners, but it’ll take some time before it is ready to embed FIAT ramps from one or more partners into XUMM.
After adding fiat on and off-ramps it will be adding a unified experience to XUMM for both noncustodial on ledger accounts (like all accounts in XUMM today) and custodial accounts at XUMM partners. This will allow consumers to use the XUMM app and one unified user interface and user experience no matter where and how their funds are stored.
XRPL Labs will also be sponsoring a new amendment for the XRP Ledger. There are several interesting use cases for consumers and businesses that would benefit from on ledger functionality that doesn’t exist today. Instead of turning all ideas into separate amendments, XRPL Labs will be working on a feature called (Transaction) Hooks, supporting on ledger business logic integration for developers. This will enable (on ledger, non-custodial) features in XUMM and all other XRPL clients like:
- Autosaving (eg. send 10% of all outgoing payments to your own savings account)
- Auto tipping/rewards (eg. support a charity or infra providers like validators automatically)
- On ledger subscriptions to advisory lists like the XRPForensics list, to auto block incoming & outgoing transactions from and to scams, no matter the used XRP ledger client
- “Lite Accounts”: limited on ledger (potentially non-custodial) balances for tipping, spending, etc. without an account reserve (but higher on ledger fees, for “hook execution”).
This is the first time Xpring or Ripple publicly announced an additional investment in a company (besides in MoneyGram). Xpring, Ripple, and the XRP community have a lot of faith in Wietse Wind, Ali Mohammadlo and Tristan van de Kamp (the team behind XRPL Labs) and will be eagerly waiting to see what they build.