Ripple’s Xpring Acquires Payment Platform Logos Network to Pursue DeFi
Ripple, the San Francisco-based startup behind the XRP token, has acquired payments platform Logos Network to develop decentralized financial products.
Per a Sept. 27 blog post, Ripple’s Xpring initiative, the company’s investment arm, has onboarded Logos Network. Logos Network is a distributed ledger-based payment platform that focuses on speed and scalability.
Exploring DeFi and building relationships
As part of Xpring, the team behind Logos will be exploring a DeFi system that is set to leverage XRP at its core. With the acquisition, Logos’s founder and CEO Michael Zochowski will lead DeFi Products, as well as build relationships.
Commenting on the initiative, Zochowski said: “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 projects and spendings
In mid-August, Xpring announced a 1 billion XRP (roughly $265 million) grant to web monetization platform Coil. Coil will reportedly use the funds to build an ecosystem of creators, developers, companies and nonprofits that use XRP through the Web Monetization open standard.
In April, Xpring and Bain Capital Ventures invested in early-stage blockchain venture capital firm Robot Ventures. Targeting fintech and product strategy disruptors, Robot Ventures invested in crypto mining firm Coinmine and Point, a startup developing new debit card solutions.
In July, Xpring published data on its spendings on XRP projects since its launch in May 2018. By the time, the incubator spent $500 million on related projects, distributing the funds to over 20 companies, including the blockchain-based gaming platform Forte.