The Exodus desktop application (Linux, Mac, and Windows), which provides wallet, exchange, and portfolio functionality, now supports XRP and TrueUSD (TUSD).
On 17 August 2018, the Exodus team announced that version 1.58.0 (and later) of Exodus allows you to “send, receive, and exchange to and from XRP and TUSD seamlessly.”
Why was XRP support added? The Exodus team says:
“During the months we’ve spent perfecting the Ripple wallet, many of you wrote in expressing your enthusiasm for XRP and asking us for a timeline for when we would add it to Exodus. Your emails, Slack messages, and tweets pushed us to deliver this functionality to you and we thank you for keeping us motivated.”
For those new to XRP, it is worth noting that to use the wallet or exchange functionality with XRP, you must have a minimum balance of 20 XRP, as explained below by the Exodus knowledge base:
“Ripple's XRP is a special asset that has built-in rules on minimum balances held in XRP addresses, just like some bank accounts where you have to maintain a minimum balance. In order to activate and use XRP, you must first deposit no less than 20 XRP into your Exodus Ripple address.
After that your account will activate and everything will be just like you are used to with Bitcoin, Ethereum or any other Exodus asset, except that the 20 XRP minimum cannot be moved out.
The XRP asset is unique in that, unlike other assets, Ripple enforces reserve requirements in order to protect the shared global ledger from growing excessively large as the result of spam or malicious usage.”
This is what the interface for sending/receiving coins/tokens looks like (on the Mac version of the Exodus app):
The support for TUSD is also interesting because this is the first time they are adding a stablecoin:
“Those of you who exchange professionally in Exodus have been asking us to add stablecoins to our exchange lineup for quite some time. This is because having a cryptocurrency that is 'pegged' to a fiat asset, meaning that its value is tied to a traditional currency like the dollar or euro, allows you to hedge your profits when the market takes a dive. TrueUSD is pegged to the US dollar, one TUSD = 1 US dollar, and we are excited to add it to our ecosystem.”
By the way, in case you are wondering how the exchange functionality works, the short answer is that the actual exchange is handled via ShapeShift, as explained below:
“Exodus is designed to make exchanging blockchain assets easy. Similar to exchanging foreign currencies, Exodus allows you to choose the amount you want to exchange or the amount you want to receive, and all the details of the exchange are automated behind the scenes.
Once an exchange begins, Exodus sends your assets to our exchange partner ShapeShift. ShapeShift processes your deposit and will send back your converted assets.”
Exodus was co-founded by JP Richardson (Chief Technical Officer) and Daniel Castagnoli (Chief Creative Officer) in 2015. With the addition of XRP and TUSD, the Exodus app currently supports 92 digital assets.
