Ripple, the San Francisco-based startup behind the third-largest asset on the crypto market, XRP, has acquired payments platform Logos Network to develop decentralized financial (DeFi) 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.
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