The San Francisco-based startup Ripple has just acquired payments platform Logos Network, looking forward to develop XRP DeFi (decentralized finance) products. Logos Network is a distributed ledger-based payment platform, and now, as part of the Xpring team, the new nine New York-based engineers will start working to build a DeFi system that leverages XRP at its core.
The founder and CEO at Logos, Michael Zochowski, will head the DeFi Products department. In a Medium article posted by Zochowski, we learned of the new chapter in Logo’s story:
“As we look ahead to our next chapter at Ripple, 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, and Ripple is the perfect place for us to help build that future.”
Investing in Innovative Blockchain Projects and Growing the XRP Ecosystem
The new team led by Zochowski will now focus on building XRP derivatives, loans, futures and forwards. Ethan Beard, senior vice president of Xpring, stated they’re still figuring out the first steps:
“We’re still at the early stage of figuring this out. We’ve made investments in DeFi companies in the past. We invested in Securitize and Dharma, but it’s now an area where we’re building.”
Moreover, he added that they have two main goals:
“Our focus is two-fold: helping innovative blockchain projects grow through partnership and investment, and building the best crypto infrastructure to grow the XRP ecosystem.”
Xpring focuses on pinpointing use-cases outside RippleNet, to build a network of companies that use XRP. Until now, the company has invested $500 million to 20 companies, through equity investments and XRP grants.
XRP Price to Go Up As Xpring Builds DeFi Products
The new acquisition brings the Xpring team to a total of 32 members from just two people since it launched in May 2018. Beard hopes more financial institutions that already use RippleNet, to be interested in XRP-based DeFi products:
“In particular, I’m interested in debt and lending and what that looks like. It didn’t take long after the first creation of fiat for someone to go to a person who had some and say, ‘Hey, can I borrow that?’”
No other details about the Logos acquisition have been revealed so far. One thing is for certain – Xpring’s future DeFi products will surely increase the demand for the token and drive the XRP price up.