XUMM wallet will soon have a new xApp where users can buy and sell XRP in exchange for fiat from several providers at competitive rates.
XUMM wallet, in a tweet yesterday, teased a “Buy & Sell XRP” xApp where users can trade their XRP holdings in exchange for fiat.
Per the screenshot, the xApp already has three providers, including XUMM. However, developers in the tweet let slip that they are already in the process of providing support for at least four more providers.
You didn't really think we'd stop here, right? 😉 (At least four more being added 🤑)
The "Buy & Sell XRP" xApp is coming, where you can find in-app purchase methods per currency & country.
More onramp & offramp providers coming. So you can use the one most convenient for you. pic.twitter.com/XL2VjTEifE
— Xumm Wallet (@XummWallet) December 12, 2022
For context, xApps are web apps embedded in the XUMM wallet to provide services to XUMM wallet users. In the case of the Buy & Sell XRP xApp, users can access XRP on/off-ramp services with the choice to select from several providers.
Per a previous XUMM wallet thread less than a week ago, BTC Direct and Banxa, the two other known providers, will serve Europe and most of the world, respectively. However, the native XUMM on/off-ramp service is restricted to the Netherlands, with plans to expand the service to the UK and France soon.
Consequently, the on/off-ramp service will soon be accessible globally with the support of third parties like Banxa and BTC Direct.
While using the XUMM service requires a XUMM pro subscription of about $60 yearly with an additional $5 fee, using third-party services does not require a XUMM pro subscription. Despite this, XUMM promises to offer the best rates and support, noting that the third parties will offer support for their services, not XUMM.
The latest development is part of a push from XRP Ledger developers to keep XRP users on the XUMM wallet built by XRPL Labs for XRP. It also comes at a critical time when trust in centralized exchanges is waning, providing an opportunity to purchase and sell tokens for fiat without having to leave self-custody. As one user notes, it may point to the future of crypto.
XRPL developers hope that the onboarding of several providers will incentivize competition for consumer benefit, per a tweet from Wietse Wind, a senior XRPL Labs developer. bill morgan (@Belisarius2020), in response to the announcement yesterday, said the move might lower fees.