XRP Adoption Set to Soar with New Fiat Gateway Vision

Learn about the grand vision for the XRP fiat gateway, enabling users to convert Euros to XRP seamlessly. Find out about the upcoming implementation of the off-ramp feature and the collaboration with GateHub for interoperability with other networks.

Posted 8 months ago in Blockchain

An image of XRP coins and Euro banknotes symbolizing the XRP fiat gateway and the ability to convert money easily.

XRP Ledger developer Wietse Wind has unveiled a grand vision for the XRP fiat gateway. Xumm, a major XRPL wallet, has announced the launch of on-ramp services for users from the Netherlands, allowing them to easily convert their Euro for XRP. This exciting milestone eliminates the need for a third party and provides a compliant solution for users.

Users can now purchase XRP by sending Euros from their international bank account number (IBAN) to XRPL Labs and receive XRP in minutes. The off-ramp feature, allowing users to convert XRP back to Euro, is also in the works and will be implemented soon. Xumm's on-ramp services have already sparked community excitement and the enablement of the off-ramp feature is eagerly awaited.

Wietse Wind revealed that a solution is already available and will be implemented once Xumm 2.6 and Hooks-related developments are complete. This will involve utilizing on-ledger DEX EUR liquidity instead of an external liquidity provider. XRPL Labs recently participated in the launch of the whitepaper for Xahau, a proposed Hooks sidechain.

Wind's vision is to create a compliant version of the popular XRParrot service, which allowed customers to convert fiat into XRP at low fees without using an exchange. XRParrot was forced to close in 2020 due to regulations, but the new Xumm onramp/offramp services aim to fill this gap.

In another positive development, GateHub and Xumm partnered to launch an on/off-ramp solution that facilitates seamless fund transfers between XRP Ledger and other networks such as SEPA, SWIFT, Bitcoin, and Ethereum.

Last updated 9/25/2023, 4:59:35 AM


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