XRP Banking App, Xing, Putting the Bank in Your Pocket


XRP Labs is developing an App that is a Bank – an XRP banking app called Xing. This is a bank in your pocket. (XRP Labs is an Xpring funded initiative/company from Ripple’s start-up fund).

Let me say that again - a bank in your pocket. 

This is not an app that belongs to an existing bank that allows you to access your accounts on an app. This is not your JPM or CitiBank or TD Bank, CIBC, or ScotiaBank banking app that just allows you to access your account information from your phone.

This is a fully fledged bank, as an application, on your smartphone, in your pocket. A bank by code.

The aforementioned app will be a complete mobile banking app that can operate without the intervention of any financial institution for storing and spending USD, Euro, XRP and other currencies … the mobile app, Xing, will provide online banking experience to the user. It is not only meant for crypto, but any other currency as the XRP ledger can work with any given currency.”

Trevor Holman, “Ripple Unveils its XRP Based Mobile Banking Application

While crypto wallets are still needed (especially cold wallets) and they are an excellent first step, this banking app seems to be the next generation of crypto storage/usage.

This application is not simply a crypto wallet that allows you to send and receive cryptocurrency. Xing is a full bank application, without the bank middleman. Anyone in the world can use it. That means that you’d be able to do what your bank does on your own:

  • Approve/deny payments to any person/business
  • Automate payments/withdrawals (i.e. cell phone bill, mortgage payments directly to your mortgage bank, auto insurance payments, even tap to pay as “debit” at the grocery store or coffee shop!).
  • Receive payments into different accounts in your own personal bank.
  • Set aside savings accounts and investment accounts.
  • Move money internationally with ease.
  • Theoretically issue loans to family, friends, local businesses and other investments.

The app is planned to be extremely easy to use with great UX (user experience). It is said to be easy enough for non-crypto people to get into cryptocurrency easily. There are no long alpha-numeric strings that assign a crypto wallet account. Individuals, businesses and organizations will be able to be found via a social directory with the app.

What I think is amazing about Xing is that you don’t have to use cryptocurrency. You could stick to fiat currency entirely on the app. Xing would simply use the XRP Interledger protocol/blockchain to move/transfer the money near instantly with negligible volatility exposure.

Markshire Crypto Conclusion – XRP Banking App Xing, a Bank in Your Pocket

XRP, Ripple, XRP Labs, and the XRP-community at large is doing a lot for crypto-adoption world wide. They are (mostly) not just speculating and boasting, but many members of the XRP community are actively engaged in bettering XRP, not just Ripple.

I have not seen the Xing app, as it has not officially been launched. However, it sounds promising.

If the Xing bank app is all that it claims and it works as stated, then I think that XRP and the XRP community is on to something big. The BIG BANKS of our legacy world will NOT be happy with this. But that is progress.

Personally, (not financial advice), I would wait a year prior to using the Xing app. The tech sounds amazing and super promising, but it is still made by humans and therefore subject to human error. I would want many people to be using it for at least a year before I put my hard earned/saved XRP into it.

The XRP Interledger will connect all digital assets and fiat currencies. It will be the underlying framework for money/value transfer between blockchains and fiat, as well as holding its own value and have value built on top of it.

These are interesting times.

Please leave a comment with your thoughts on the XRP Bank App Xing!! Will you use it?

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Author: Markshire Crypto

Millennial cryptocurrency investor, researcher, and writer. Medical professional, avid reader, proud nerd, and intellectual. Founder of Markshire Crypto. Mark has been into cryptocurrency since 2017, following the industry daily and creating content.

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