The decentralized exchange (DEX) Trade app feature of Xumm wallet was promoted yesterday by David Schwartz, chief technology officer of Ripple, on Twitter.
According to a tweet from Schwartz last Tuesday, the Ripple CEO has been in the United Arab Emirates for at least a week for a Ripple internal event and a meeting with crypto firms in the region.
“Yay! I can use Xumm Trade!” In a post from yesterday, Schwartz shared a photo of himself using the feature on his smartphone.
Schwartz revealed that he took and passed the DEX Trade knowledge test, prompting a user to speculate that it might be because the Ripple executive was in Dubai. In another tweet, he claimed to have received all A’s.
For reference, Xumm is a non-custodial wallet created by XRPL Labs for the XRP Ledger. Thus, it provides XRP holders with more features specific to XRPL than most other wallets. The DEX Trade platform, which Schwartz highlighted yesterday, is one of these embedded web applications, or “xApps.”
It is relevant to note that the feature is not brand-new. The Ripple executive emphasized that users must pass a test to prove they understand the dangers and have a basic understanding of trading before they are granted access. Notably, the test consists of 5 questions, and users must correctly answer at least 3 to use the platform.
Users must answer questions to demonstrate an understanding of the three types of trade orders, how fees are determined, and their responsibility for their transactions. After passing the test, customers will be taken to a trading interface that resembles most centralized crypto exchanges. Users can check the trading chart and order book in addition to placing trades to get additional details.
XRP and WXRP are two of the 19 currencies and assets that users can exchange. Three fiats—the euro, the US dollar, and the British pound—as well as cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), FLR, SGB, BCH, ETC, GALA, LTC, DSH, and REP, stablecoins like USDC and USDT, and assets like gold, are also included on the list.
In the brief discussion from yesterday, Schwartz admitted that he discovered one bug with the platform that led it to issue a sell order when he issued a purchase limit order.
A Ripple executive and one of the three original XRPL developers describe the platform as “really nice” overall.