- The integration of SimpleSwap into XRPL Labs’ Xumm wallet aims to streamline the process of converting cryptocurrencies from various networks into XRP, bolstering the wallet’s functionality.
- SimpleSwap’s integration currently only supports inbound swaps, allowing for conversions to XRP, as a safety measure against potential security risks.
Aiming to bolster the functionality of the Xumm wallet and facilitate the effortless conversion of assets from disparate blockchain networks to XRP, XRPL Labs has incorporated the decentralized cryptocurrency exchange SimpleSwap as an xApp into its platform.
Own crypto, but not XRP? Say hi to simpler onboarding to the XRP Ledger! 🎉
— Xumm Wallet 🪝 (@XummWallet) July 3, 2023
SimpleSwap: A Gateway for Streamlined XRP Conversion
Supporting over 1,000 crypto assets and various fiat currencies, SimpleSwap has established itself as a reliable and user-friendly service for cryptocurrency buying, selling, and swapping. The integration into Xumm by XRPL Labs is set to enhance the Xumm platform and offer a seamless experience for swapping a wide array of cryptocurrencies from differing networks into XRP.
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“This new addition offers a streamlined and straightforward approach simplifying the process of converting cryptocurrencies into XRP, making the transition into the XRPL ecosystem smoother than ever.”
This development was partly spurred by a request from the creator of xrp.cafe, a popular non-fungible token (NFT) marketplace supported by Xumm.
The collaboration between SimpleSwap and Xumm aims to bridge the onboarding gap for new users to the XRP ecosystem, as outlined in the announcement. The Xumm team added that this advancement will simplify the process for those familiar with conventional banking structures to step onto the crypto train.
At this initial stage, the integration of SimpleSwap into Xumm only supports inbound swaps. This implies that users can utilize the wallet to convert other cryptocurrencies to XRP, but cannot swap XRP into other cryptocurrencies. This measure has been put in place to mitigate the risk of security breaches and ensure maximum customer safety. The update stated,
“When Xumm receives, we know the account can be accessed. However, for outbound transactions to non-XRPL ledgers, ensuring user access isn’t possible.”
XRPL Labs has introduced numerous developments to the Xumm wallet in recent months to enrich the user experience. In May, Xumm collaborated with Guardarian, enabling users to buy and sell XRP with over 40 fiat currencies. Shortly after, the XRPL Labs joined forces with payment service provider Poko to offer more than 100 payment methods on Xumm for XRP purchases. In June, Zerpmon, an XRPL-based game that lets players earn XRP directly into their Xumm wallet, was launched.
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