XRPL Labs is planning an expansion for GateHub integration to jumpstart its on/off-ramp service for fiat in Europe. This comes after XRPL Labs recently launched in the Netherlands its fiat on/off-ramp service for XUMM Pro wallet users in October.
The fiat on/off-ramp service essentially facilitates swapping Euro for XRP, or XRP for Euro.
Announcing the launch, XRPL Labs’ Wietse Wind tweeted:
For EU region, we're rolling out our own onramp/offramp solution one country at a time. Flat fee: $60 per year for Xumm Pro (comes with more than just on/offramp)— WietseWind (🛠+🪝 Xumm @ XRPL Labs) (@WietseWind) December 5, 2022
We're close to going live with @GateHub integration, multiple on/offramp providers like @BanxaOfficial and others.
Wind goes on to state that the said GeteHub integration would cater to multiple fiat on/off-ramps, such as Banxa.
The fee for the on/off-ramp solution service is set to be $60 per annum for XUMM Pro wallet users in the EU region, Wind said. He also assures that the XUMM Pro wallet would offer features and benefits beyond mere fiat on/off-ramp service.
Wind clarifies that the said fee would differ for GateHub users, depending upon the decision taken by those parties (Banxa, GateHub, etc.).
The XRPL Labs’ founder had earlier expressed intentions of rolling-out the fiat on/off-ramp service also to Belgium, the United Kingdom, and Germany.
The KYC or (Know-Your-Customer) procedure was set to be mandatory for the Netherlands. Any two documents from among the Dutch passport, Dutch bank account, or a proof of address in the Netherlands, are needed for users to access the service.
The same regulatory KYC measures are expected to be set for compliance for users from other EU countries.
Per an earlier official XRPL Labs announcement, a description would be provided to users to enable the Euro transfer from their IBAN. Against this, the users would then receive the XRP in an instant.
XRPL Labs has yet again reinforced their commitment towards the true decentralization potential via achieving groundbreaking milestones. The entity is striving to develop a truly green infrastructure, without sacrificing utility or performance.
But XRPL Labs has even more in-store; smart contracts functionality, NFTs, sidechains, are all officially in development. Stay tuned!