XRP Ledger's lead developer, Wietse Wind, reports that an on-ramp solution has been added to the Xumm Wallet. With the innovation, users will be able to buy XRP for fiat through Xumm directly from their bank accounts.
🤔 How does this work?— WietseWind - 🛠 XUMM @ XRPL Labs (@WietseWind) October 12, 2022
You onboard once, we do the required KYC & Proof of Address. You can then open the On/Off-ramp xApp any time.
We give you a deposit description which you can use to send from your IBAN to our IBAN. Within minutes you'll have the XRP in your XRPL account.
At the moment, the new product is only available in the Netherlands, the home country of the Xumm Wallet developers. However, according to Wind, there are plans to expand to Belgium, Germany and the UK. Among other things, an off-ramp solution will be added later to the wallet to allow the process of selling XRP for fiat currencies.
Too exclusive option
Interestingly, in order to use the innovation, Xumm users will have to sign up for two subscriptions: first for the pro version of the wallet, and then separately for €5 per year to connect the ramp functions. On the other hand, there are no further commissions or charges for deposits or withdrawals.
In addition, you must have a Dutch bank account, a residential address in the kingdom and a Dutch passport in order to complete the necessary verifications. On this side, it seems that using Xumm in terms of purchases for fiat is still limited for many.
One may recall the experience of another XRPL project, onXRP, which previously introduced an on-ramp solution with Banxa which, while also having some restrictions for users from certain countries, seems simpler at the moment.