Ripple acquires Logos Network; plans to develop Internet of Value though DeFi products

XRP Right Now
Ripple’s Xpring Acquires Decentralized Payments Platform Logos Network
September 28th 2019
Crypto Markets Turn Green Following Tough Week, BTC Price Above $8,000
September 28th 2019

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.

Beard added,

“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.

Source link

XRP Editor
XRP Editor
Editor at, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: