Back to the list

XRPL Developer Unveils Huge Vision for XRP Fiat Gateway

source-logo  u.today 24 September 2023 16:42, UTC

XRP Ledger developer Wietse Wind has unveiled a huge vision for the XRP fiat gateway. The XRP tipbot creator was replying to an XRP user's question about when the XRP off-ramp feature would be enabled.

In an exciting milestone, Xumm, a major XRPL wallet, announced the launch of on-ramp services for users from the Netherlands in October 2022, allowing them to easily convert their Euro for XRP without the involvement of a third party.

Xumm onramp/offramp will basically turn in to a compliant version of what XRParrot was many years ago 🔥

— WietseWind (🛠+🪝 Xumm @ XRPL Labs) (@WietseWind) September 23, 2023

Users could purchase XRP by sending Euros from their international bank account number (IBAN) to XRPL Labs and receiving XRP in minutes. Although the off-ramp option was added after, it was not enabled.

Xumm's on-ramp services ignited community excitement at launch and continue to do so, with users now eagerly awaiting the enablement of the off-ramp feature.

Wind responded that a solution is already available and will be implemented as soon as Xumm 2.6 and Hooks-related developments are complete. He further adds, "We're going to dip into on-ledger DEX EUR liquidity instead of an external liquidity provider, which was where things were pending for too long."

XRPL Labs took part in the collaborative launch of the whitepaper for Xahau, the proposed Hooks sidechain, last month.

Wietse Wind, Xumm's founder and lead developer, revealed a grand vision for the on-ramp/off-ramp services, stating that "Xumm onramp/offramp will basically turn into a compliant version of what XRParrot was many years ago."

Wind expects that this will be achievable with the upcoming registration with the Dutch Central Bank and MiCA.

XRParrot, a platform founded five years ago to allow customers to convert fiat into XRP at cheap fees without the need for an exchange, was forced to close due to regulations in 2020.

Customers were able to purchase and sell XRP for very low transaction costs through the innovation by linking a Eurobank account to their exchange account.

In a related development, GateHub and Xumm teamed up in August to launch an on/off-ramp solution that allows users to seamlessly move funds between XRP Ledger and other supported networks such as SEPA, SWIFT, Bitcoin and Ethereum, directly to and from their Xumm app.