Ripple has been taking great strides to promote XRP’s adoption and it has now, taken its first step towards embracing Decentralized Finance [DeFi] with its acquisition of the Logos Network. Ripple’s investment arm, Xpring, will deploy nine engineers to build DeFi products based on XRP.
Ethan Beard, Senior Vice President of Xpring, announced the news through a blog post and noted of the work done by Logos to build a payment network inspired by Bitcoin, focusing on the scalability of the network, while keeping its security intact. Its acqui-hires will enable Ripple to build XRP derivatives, futures, forwards, and loans.
“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.”
Xpring has been actively supporting various companies in developing the XRP ecosystem and has committed $500 million to 20 companies. Michael Zochowski, Founder and CEO of Logos, will take his place as Head of DeFi Products. Zochowski commented on the partnership, stating,
“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.”
Xpring’s latest fundings include a $1 billion grant to Coil to build an ecosystem of developers, companies, creators, and nonprofits using XRP through web monetization. Even though all the investments made by Xpring are available, the details of this acquisition are still under wraps for now.