Ripple has just released a deep dive on a new XRP -centric platform designed to give holders of the third largest cryptocurrency a unique way to hold and spend their cryptocurrency.

The platform, called Xumm, comes from the development studio supported by Ripple XRPL Labs and is currently in beta on the App Store and Google Play.

According to Ripple developer relations manager Warren Paul Anderson, Xumm is much more than the typical crypto wallet.

"At first glance, Xumm may seem like an ordinary crypto wallet for XRP . But for the discerning eye, Xumm provides a host of features and functionality that make it a powerful platform for thousands of its individual users to "be your own bank." "

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

According to Anderson, he will also benefit from the decentralized exchange protocol integrated into the XRP register .

“Xumm harnesses the power of XRP Ledger decentralized exchange by allowing users to add other currencies, including fiat, such as the US dollar and the euro. In the XRP Ledger, they are called "issued currencies", which represent the value held by other entities outside the XRP Ledger.

The currencies issued denominated in Fiat on the decentralized exchange of the XRP Ledger are similar to stable coins backed by trusts, like Tether ( USDT ), on other centralized exchanges, which have exploded in popularity in recent years.

The app is not a depository, allowing users to directly store and access the keys to their cryptographic assets.

Xumm has been in beta since the end of March, and there is no firm official release date.