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Ripple, the startup behind digital asset XRP, has acquired payment platform Logos Network to develop decentralized financial (DeFi) products. The terms of the deal have not been disclosed.
Following the acquisition, the Logos team will join Ripple’s investment arm Xpring to look into a DeFi system that will leverage XRP at its core, and explore to utilize crypto to transform payments and finance.
Michael Zochowski, Logo’s founder and CEO, will lead DeFi products and create relationships. The team will be based in Ripple’s New York office.
“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,” Zochowski said.
The Logos team will also help develop XRP derivatives, loans, futures, and forwards, according to Ethan Beard, Xpring Senior Vice President.
“We’re still at the early stage of figuring this out. We’ve made investments in DeFi companies in the past… but it’s now an area where we’re building,” Beard said as quoted by CoinDesk.
“To this day, the vision at the heart of Xpring remains the same, but our approach to how we reach our north star has evolved. 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.”
The news follows after Ripple’s Xpring and Blockchain Finance Fund recently poured in $1.5 million to cryptocurrency startup Coinme’s A-1 funding round. The funding will be used to secure more licenses to expand its U.S. and international markets.
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