Ripple has released a new platform that allows saving and spending digital currencies, the platform is called “Xumm”, developed by XRPL Labs studio backed by Ripple, and the platform is currently in beta and available on both the Apple Store and Google Play.

According For Warren Paul Anderson, Head of Developer Relations at Ripple, Xumm is much more than just a cryptocurrency wallet, Anderson added:

At first glance, Xumm may look like an ordinary crypto wallet, but it is bigger than that as Xumm offers a range of features and functions that make it a powerful platform for thousands of individual users to act as their “private bank”.

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XRPL Labs says its ultimate goal with the Xumm platform is to give people a way to save and spend dollars, euros, XRP and other currencies without the need for help from a financial institution.

According to Anderson, the platform will also benefit from the decentralized exchange protocol built into the XRP Ledger, and the Xumm platform will harness the power of the decentralized exchange offered by XRP Ledger by allowing users to add other currencies, including fiat currencies, such as the dollar and the euro.

Anderson stated:

In the XRP Ledger these fiat currencies are called “issuing coins,” which represent the value held by other entities outside the XRP Ledger.

The “issued coins” of fiat currency on XRP Ledger’s decentralized exchanges are similar to fiat-backed stablecoins such as Tether (USDT) on other centralized exchanges.

The “Xumm” application is not yet trusted because it has been in beta mode since March, and it is still so until now, and there is no specific official release.

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