Ripple to Develop XRP-Based DeFi Products
Ripple’s investment arm, Xpring, recently completed the acquisition of Logos, a startup developing a turnkey payment solution focused on speed and scalability, for an undisclosed amount.
According to the announcement, the acquisition fits into Ripple’s larger goal of building a decentralized financial (DeFi) system that leverages XRP at its core. While Logos had previously been working on a new payment network inspired by Bitcoin, the team will now be focused on building various XRP DeFi products.
“Michael Zochowski, Logos’s founder and CEO, will serve as Xpring’s Head of DeFi Products and will continue to lead the team, leveraging the broader resources and relationships that Ripple offers to accelerate execution on DeFi,” states the Xpring team in the announcement. “Michael and the team will be based in Ripple’s New York office, and we are excited to be building out our engineering presence in NYC.”
Zochowski added, “We expect that our team will work on a variety of projects at all levels of the Xpring platform, with a particular focus on enabling a wide range of DeFi applications. We continue to strongly believe that the future of payments and finance lies in blockchain and decentralization.”
Ripple continues to expand its ecosystem growth efforts via Xpring. As we previously reported, Ripple has teamed up with blockchain gaming startup Forte to launch a $100 million gaming fund. Xpring is currently providing the capital for Forte to deploy across the blockchain gaming ecosystem.
More: Xpring’s Announcement
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.