XUMM seems set to launch integrated fiat on and off-ramps.
XUMM is a non-custodial XRP wallet. It also features native access to tokens and web apps called xApps. The pro version has an optional KYC process native to the XUMM app.
XUMM’s support documentation indicated that this KYC process was for a yet-to-be-implemented fiat on/off-ramp.
Some may remember XRPL Labs (the developers of XUMM) announcing successful registration with the Dutch Central Bank back in November of 2021.
“This regulatory status is another positive next step in developing our product, the XUMM app. With this registration, we will soon be able to add fiat on-ramp & off-ramp to XUMM, initially only for our Dutch users, but in time we want to roll out this functionality more widely.”
Recently, XRPL Labs announced they were about to offer “regulated services.”
XUMM’s updated terms of service also mentions “exchange services.”
“On top of the Xumm Pro Subscription, XRPL Labs also offers a subscription for exchange services for an extra 5 euro annually, or the equivalent in XRP at the time of payment.”
It seems that XUMM will facilitate buying and selling of XRP and other tokens using these expanded fiat on and off-ramp services. Initially, XUMM’s exchange services will be limited to the territorial jurisdiction of their institutional partners.
If these trials are successful, XUMM could integrate with banking institutions worldwide and bring efficient, decentralized payment infrastructure to the masses. In the future, XRPL-powered wallet apps like XUMM could manage land title deeds, NFT art assets, and integrate with bank accounts to facilitate domestic and international currency transfers.