San Francisco-based crypto startup Ripple has acquired Logos Network, a payment platform, to help in developing decentralized financial products. Ripple is the firm behind XRP, which is the third-largest cryptocurrency.
Xpring Growing Its Team
The investment arm of the company, Xpring initiative, has already brought on board the Logos Network. Logos Network is a blockchain-based payment platform focused on scalability and speed. With the acquisition of the platform, Xpring will now have an additional nine engineers on its team. Xpring will now have a team of 32 members, quite the leap from its two in May. The CEO and founder of Logos Network, Michael Zochowski, will be the Head of DeFi products at Xpring.
Logos was previously working on the building of a payment network motivated by the Bitcoin blockchain before joining with Xpring. With the combination, the team will now explore avenues of creating a DeFi system that will leverage XRP.
Development of DeFi Products
While speaking on the initiative, Zochowski indicated that he expects his team to focus on various projects at different levels on the Xpring platform. The focus will be to enable a broad range of DeFi applications. He added that they strongly feel that the future of finance and payments lie in distributed ledgers as well as decentralization.
Xpring Senior Vice President Ethan Beard stated that the Logos team would be vital in helping Ripple develop XRP derivatives, futures, and loans. He said that they are in the initial stages of figuring it out. He added that they made investments in the past in DeFi companies.
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Last month, Xpring announced a 1 billion XRP grant to Coil, a web money monetization platform. Coil will use the grant to create an ecosystem of developers, creators, non-profits, and companies that use XRP via the Web Monetization standard.
In April, Bain Capital Ventures and Xpring invested in Robot ventures with the target being product strategy and fintech disruptors. Robot Venture invested in cryptocurrency mining company Coinmine and Point, which is creating new debit card solutions.
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