XRPL Labs Finally Launch On/Off-Ramp Service For XRP In The Netherlands With Germany, Belgium, And The UK Possibly Next.
XUMM Pro wallet users in the Netherlands can easily swap their Euro for XRP and vice versa without any third party.
XRPL Labs, in a tweet today, has announced that the long-anticipated on/off-ramp service is now finally live in the Netherlands, with plans to expand to other parts of Europe and the UK.
“We launched our own on-ramp/off-ramp service,” tweeted the firm. “Starting with a pilot in The Netherlands, we’re aiming for EU+UK coverage in due time.”
We launched our own on-ramp/off-ramp service. Starting out with a pilot in The Netherlands, we're aiming for EU+UK coverage in due time.https://t.co/567CC3n9Dj
🏗️ Did we mention we just 💕 love to build user friendly things for the XRPL ecosystem? 🤭
— XRPL Labs (@XRPLLabs) October 12, 2022
Notably, only the on-ramp is available now. The off-ramp is scheduled to go live later this week.
It bears mentioning that the new service is available only to XUMM Pro wallet users, as explained by XRPL Labs developer Wietse Wind in a long thread. Notably, there are Know-Your-Customer (KYC) requirements to use the service. Interested customers will be required to have at least 2 of the following:
- Dutch Bank account
- Proof of address in the Netherlands
- Dutch Passport
Wietse Wind assures users that they do not have to worry about their data being shared with a third party as it is a fully XRPL Labs-operated service fully approved by the Dutch central bank.
Notably, the service is not available for businesses.
How It Works And Costs
According to Wietse Wind, to purchase XRP, users will be given a description with which they can send their Euro from their international bank account number (IBAN) to XRPL labs’ to receive their XRP in minutes. Notably, the developer assures users of the best possible rates. It bears mentioning that the service has a yearly fee of about $5 in addition to the XUMM Pro wallet yearly subscription of about $60. Despite these costs, Wietse Wind assures users that it is more convenient than using other third parties.
Notably, XRPL Labs has set its sights on launching in Belgium, Germany, or the UK next. Wietse Wind disclosed the development of the service in July while clarifying that the development team had no plans to launch a XUMM wallet native token.
While there are plans to launch outside the Eurozone, the developer believes that the rates may not be as favorable as they are likely to launch the service with the help of a third party.