XRPL Labs plans a GateHub expansion for its fiat on/off-ramp service in Europe.
Months after XRPL Labs launched a fiat on/off-ramp service for XUMM Pro wallet users in the Netherlands, developer Wietse Wind disclosed that the team is close to launching a GateHub integration for the service.
Currently, the fiat on/off-ramp service, which means swapping Fiat currencies to XRP and XRP to Fiat, is available to XUMM Pro users only.
Wind said XRPL Labs is close to going live with a GateHub integration. He added that the GateHub integration would come with multiple on/off-ramp providers, including leading global on & off-ramp solution Banxa.
For EU region, we're rolling out our own onramp/offramp solution one country at a time. Flat fee: $60 per year for Xumm Pro (comes with more than just on/offramp)
We're close to going live with @GateHub integration, multiple on/offramp providers like @BanxaOfficial and others.
— WietseWind – ? XUMM @ XRPL Labs (@WietseWind) December 5, 2022
While the fee structure for XUMM Pro wallet’s fiat on and off-ramp service is $60 per year, Wietse Wind said the fee for GateHub users is unknown and will be determined by the parties, including Banxa and GateHub. Recall that in the previous announcement in October, Wietse Wind said XUMM Pro wallet users are required to pay a flat fee of $60 per year for the fiat on/off-ramp service.
XRPL Labs Launches Fiat On/Off-Ramp For XRP In The Netherlands
XRPL Labs announced in October the launch of the fiat on/off-ramp service in the Netherlands, allowing XUMM Pro wallet users to swap their euro for XRP and vice versa. The company intends to extend the service across European countries, including Belgium, Germany, and the United Kingdom. Wietse Wind noted in a recent tweet that XRPL Labs plans on launching the service in one European country at a time.
Before using the service, users in the Netherlands must complete a compulsory Know-Your-Customer (KYC) procedure. For KYC, customers must have at least two of the following:
- Dutch Passport
- Dutch Bank account
- Proof of address in the Netherlands.
After completing the KYC requirements, users will pay a yearly fee of $60 to subscribe for the service to swap their Euro for XRP without a third party.
XRPL Labs will give users a description that they can use to transfer Euro from their International Bank Account Number (IBAN) to receive the XRP in minutes, the announcement read.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
