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Ripple News: Ripple-based Startup brings Banking-App – Coin Hero

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Ripple News: Ripple-based Startup brings Banking App

Home News Ripple News: Ripple-based Startup brings Banking App

Of
Marcel Knobloch –
31.05.2019

The Ripple-funded Startup XRPL Labs is the innovation arm of the company. XRPL Labs has unveiled a new Banking App that works like a normal Online Banling, only that in this case, each Transfer can be carried out in any currency such as Euro, USD or XRP.

On the Bitrue-Community-event in Amsterdam, Wietse Wind presented the flagship App of the company for mobile devices. The newly developed App has the name Xign and a full-fledged Mobile Banking platform with the user is without the help of a financial institution Euro, Dollar, XRP and other currencies, or can spend (freely translated):

Xign is to offer a user experience that we know as Online Banking. Not only crypto. So you can check your account balance and your balance in any currency transfer, since the XRP Ledger can process each in the Ledger currency specified.

We build a crypto-Wallet. We are creating a Banking App. Except without the Bank. We are creating a Banking App that is based on a digital Ledger, the XRP Ledger and the ILP (inter-Ledger Protocol).

Wind wants to achieve with the App is a great audience, because the product of currencies, both Crypto and traditional Fiat currencies and send them away. Wind continues to be that a large number of the population now has a crypto-Wallet, but the functions are not very diverse (freely translated):

It is not for the Geeks. We know that crypto-Wallets for Geeks, and then by the end of 2017 somewhere in the vicinity of the bull run. Suddenly, 10% of the population had a crypto-Wallet or more crypto Wallets on their Apps. There were still a few percent of the population, and most of them were Geeks. We are building something that could benefit my mother, and maybe even want to use …

We will help the users to start with a really safe and user-friendly set-up instructions in the App. And there is no way to excuse my French. We will make it really easy.

The special feature of the App is that users for Transfers, no long crypto-need to find the addresses to transfer funds. Instead, the App provides an account directory with Search and social features. Continue to make payments in the App can check to individuals as well as companies, approve or reject leave. XRPL Labs received at the beginning of this year, a new financial injection of Xpring, the Fundraising, the daughter of Ripple. XRPL Labs is also working on other projects, such as a decentralized Exchange, and a Cold-Wallet System, that capital is intended to store quantities of larger investors in the future for sure.

Institutional investors are regarded as the Holy Grail to flood the crypto-market with fresh money. Some large companies, such as, for example, the largest American crypto-exchange, Coinbase, created a Cold-wallet, and security systems to meet the high requirements of this special target group. Nevertheless, there are according to the experts, continue to have little confidence in the current systems. In addition, a uniform regulation, which provides a clear legal regulatory framework is missing. The SEC is reluctant to continue, and pushes its decisions concerning a wide variety of existing Bitcoin ETF applications.

Ledger Vault is a Ledger-driven company that, in partnership with Legacy Trust Company, an Asset Custody solution designed specifically for institutional investors. Legacy Trust offers Bitcoin custody services to stock exchanges, OTC Desks and Hedge funds. Another heavy weight in this industry, IBM is a cloud-based Custody-wants to offer a solution. Here, a Custody Toolkit for the users that a security module is created with the user remote access to their credit can access.

Featured Image: Wit Olszweski | Shutterstock

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