HomeCrypto NewsXumm XRP On/Off-Ramp Service Goes Live In The UK

Xumm XRP On/Off-Ramp Service Goes Live In The UK

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Developers have launched the on/off-ramp service in the UK.

The Xumm XRP on/off-ramp service is now available to residents of the United Kingdom.

Senior XRPL Labs and Xumm wallet developer Wietse Wind let this slip by sharing a screenshot of a successful transfer of £50 in exchange for about 173.74 XRP using the Xumm on/off-ramp service in a tweet today.

As the name implies, the service will allow residents of the UK to purchase XRP with fiat directly within the Xumm wallet app and vice versa at competitive rates. Consequently, it eliminates the need for XRP holders to leave self-custody.

Wind first teased the development of the service on the XRPL native wallet last July. It subsequently went live in the Netherlands in October, promising to extend the service to other parts of the European Union and the UK.

The Xumm on/off-ramp is only available for Xumm Pro wallet users. Notably, pro features attract a yearly fee of $60 with an additional $5 for the on/off-ramp service.

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As with the Netherlands service, users will likely need to fulfill some KYC requirements to use the service. The essential requirements will be a bank account in the UK and proof of residency in the UK.

The service will give users a bank account number to send fiat and receive XRP in minutes.

While the Xumm proprietary on/off-ramp is currently limited to the Netherlands and the UK, it is worth noting that in partnership with other payment providers, it plans to offer the service globally at competitive rates. It will offer the service with the “Buy & Sell XRP” xApp in the Xumm wallet per a teaser it released last month. 

Some known partners include BTC Direct, which will service European residents, and Banxa, which will serve the rest of the world. Notably, even non-pro users can use the ramps provided by these third parties.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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