Common misconceptions

When it comes to platforms as powerful as Xaman (formerly Xumm), it is normal for misinformation to circulate around some of its features and capabilities. Let's see if we can clear some of this up...

Xaman stores your XRP

The native currency on the XRP Ledger is called XRP. XRP exists on the XRPL and can not be moved off of the XRPL so technically, XRP is always "stored" on the XRP Ledger. What Xaman actually stores is the private key to access your XRP Ledger account.

Xaman has access to your funds

Once you enter your private key into Xaman, it is immediately encrypted and placed into an area secure location we call, "The Vault". There is no way for us to access the Vault remotely.

Xaman is a custodial wallet

A custodial wallet is basically a customer account in a crypto exchange's company database. It is not an XRP Ledger account. Xaman is a self-custodial wallet. It stores the private key to access your XRP Ledger account.

You can't buy XRP using Xaman - You certainly can.

This is false. Xaman offers several ways to purchase XRP. Simply select this link and you can explore the many options we offer.

Xaman is not as safe as a cold wallet

There are many attack vectors for both cold and hot wallets and both types have their uses, their strengths and their potential weaknesses. Xaman was designed and coded by one of the strongest coding teams in the entire blockchain space and has been audited by one of the most advanced security audit firms in the world. We would argue that there is no safer wallet on the planet, either hot or cold, than Xaman.

Xaman offers staking

No, the XRP Ledger is not a Proof of Stake network so there is no way to offer staking natively on the XRPL. Furthermore, there is no need to stake coins since the validation process is a cooperative based system, not a competitive based system. All fees charged by the XRP Ledger are destroyed so there is no way to generate "rewards" for users.

Last updated