XRPL Labs develops Xign, the mobile banking app without banks
XRPL Labs develops Xign, the mobile banking app without banks

XRPL Labs develops Xign, the mobile banking app without banks

By Stefano Cavalli - 30 May 2019

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The founder of XRPL Labs, the crypto startup funded by Ripple, has confirmed the development of a new mobile banking app that is being designed by the company. This software is intended to do much more than allow users to send crypto from one wallet to another.

At an event organised by the Bitrue community in Amsterdam, Wietse Wind presented the company’s flagship mobile app: Xign, described as a true mobile banking platform.

Xign will allow users to spend euros, dollars, XRP and other cryptocurrencies. All this without the help of any financial institution and with a very simple and clear user interface.

“Xign will deliver a user experience we know as online banking. Not just crypto. So, what it will allow you to do is check your balance and send your funds in any currency. We’re not building a crypto wallet. We’re building a banking app. Except, without a bank. We’re building a banking app based on a digital ledger, based on the XRP Ledger and based on ILP (Interledger Protocol).”

Wind claims that all this is aimed to increase mainstream adoption. By enabling crypto and fiat currency payments, there will be a simultaneous increase in adoption.

“It’s not for geeks. We know that crypto wallets are not for everyone yet, minimal technical knowledge is still required. We’re going to help users get started with a really secure, user-friendly set-up guide in-app. It will be very easy and straightforward to use”.

There will be social functions and it will be very easy to send money. Obviously, it will be possible to review, approve or deny payments to people and companies.

Earlier this year, Wind’s company, XRPL Labs, received an investment from Xpring, another company that receives funds directly from Ripple, for the development of various initiatives. XRPL Labs is also working on a decentralised exchange and cold storage system.

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