A Comprehensive Guide to Storing And Using XRP With Xaman Wallet

Crypto wallets made it easy for traders and investors to have thorough control over their digital assets by keeping them in a safe location. Xaman wallet, formerly known as XUMM, is one of the best wallets in the crypto world to hold XRP tokens. With time, the wallet upgraded its features to remain one of the reliable and secure options for the XRP token holders.    

Here are all the details regarding the uses and functions of this wallet. 

What is Xaman Wallet?

Xaman wallet is a non-custodial wallet with powers for the XRP Ledger and Xahau and it offers full control over the assets, funds, and private keys. 

Privately owned by XRP Labs, the wallet holds around 142,500 unique monthly active users. The wallet permits individuals to interact with third-party XApps and tools developed on the XRP Ledger, which is one of the main reasons behind the wallet’s popularity.    

Furthermore, timely updates and upgrades to the wallet’s functionality have made Xaman wallet one of the safest choices for the XRP token holders. The software Hot Wallet enables XApp integration and is available free of cost.  

Recently, the wallet accomplished its 2.6.0 upgrade and added a wide variety of features.     

What Makes Xaman Wallet a Safe Option? 

Multi-signature support for XRPL is one of the main reasons behind why the Xaman wallet is safe for XRP holders. Individuals are allowed to set up multiple signatures for making transactions. To carry out a transaction, an individual is required to present other signatures. 

Besides this, the wallet has biometric authentication including face ID and fingerprint recognition that ensures a high level of safety for the stored assets.  

Furthermore, support for multiple cryptocurrencies and compatibility with different networks has enhanced the accessibility and usability of the wallet. Apart from the XRP network, the wallet also supports other platforms running on XRPL such as Xahau. The wallet supports over 8,300 tokens.      

Advantage: an intuitive and user-friendly interface, low transaction fees, and availability of mobile payment apps for convenient access for iOS and Android are the main advantages of the Xaman Wallet.

Disadvantage: Xaman Wallet also possesses a few flaws. High chances of permanent losses in case of losing the keys and the need for technical expertise is the main flaw.   

Additionally, no activation of the multi-signature feature for the Xahau network, and a lack of support for popular cryptocurrencies including BTC and ETH reduce the value of the Xaman wallet in the crypto universe.   

How to Create and Use the Xaman Wallet? 

A five-minute process can help individuals access one of the safest wallets in the crypto world which is the Xaman wallet. Let’s uncover the setup process of this XRP-compatible wallet. 

• Downloading the Xaman application from the store is the very first step of the wallet setup process. The application is available for Android V7 or iOS v13 or higher versions and can be installed from the Play Store or Apple Store. 

• The next step is to set up the account by setting up a passcode, biometric authentication, and enabling push notifications.    

• Before confirming the application, read the provided information and terms of service for the respective applications.  

• Once done, the next step is to add an account. Individuals can create a new account or import the existing account based on their preferences. 

• Selecting the Create New Account option and following the instructions will offer a public address for the new account.  

• Depositing at least 10 XRP tokens to the wallet and selecting the relevant exchange is the final stage. Afterward, the wallet holder can hold or trade the available token.  

Conclusion

Xaman wallet is a non-custodial wallet that supports the XRP Ledger and the Xahau network. Availability for both Android and iOS devices, multi-signature support, and compatibility with a wide variety of networks make Xaman a strong player in the world of crypto wallets. 

FAQs 

What type of wallet is Xaman?

Xaman Wallet is a hot wallet that stores the private keys on the device, allowing individuals to access the wallet from anywhere. 

Is the Xaman wallet secure to use? 

Xaman wallet is considered one of the safest options for XRP tokens as the wallet uses passcode, biometric authentication as well as multi-signature support. 

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.