Wednesday, June 19, 2024
HomeCryptocurrencyXRPL Labs Onboards SimpleSwap on Xumm Wallet for Inbound XRP Swaps

XRPL Labs Onboards SimpleSwap on Xumm Wallet for Inbound XRP Swaps

Xumm Wallet drives the adoption of XRP higher following the integration of the decentralized protocol SimpleSwap, as a xApp into its platform. This new development will allow wallet users to swap cryptocurrencies on other blockchain networks to XRP Ledger with ease.

A Comparative Advantage for XRPL

According to the announcement, the SimpleSwap integration only supports inbound XRP swaps. That is, users can convert their crypto assets from several blockchain networks such as Cardano, Ethereum, and others into XRP. However, the development does not support users swapping their XRP tokens for other cryptocurrencies.

The team behind the project noted that this barrier was put in place to protect users and minimize the risk of hacks. The wallet controls what happens when it receives crypto tokens. On the other hand, outgoing transactions to non-XRPL ledgers cannot be handled by Xumm. 

The press release added that the creator of xrp.cafe, an XRP-based NFT marketplace, inspired the integration of SimpleSwap into the Xumm wallet when it was discovered that many new users could not smoothly access the XRPL ecosystem.

Overall, this new addition to Xumm comes to enhance the wallet and also bridge the gap between traditional banking and digital finance by making it easy for new users to join the XRPL ecosystem.

Growing XRP Adoption 

Despite the lingering SEC vs. Ripple lawsuit, the adoption of XRP and its blockchain has been surging remarkably in recent months. As published, the fully regulated and licensed online betting platform Shuffle recently enabled XRP for use in placing bets.

<

With these many developments and the anticipated positive ruling in the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), XRP could moon as predicted by several experts.


Follow us on Twitter, Facebook, Telegram, and Google News

Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.
RELATED ARTICLES

Latest News & Articles