Ripple has acquired payments platform Logos Network to help it develop decentralized financial (DeFi) products, the company revealed in a blog post on 27 September.
According to the announcement, Ripple’s incubator and investment arm Xpring acquired Logos Network, a distributed ledger-based payment platform that focuses on speed and scalability, for an undisclosed amount. The goal of this acquisition is to have the Logos team work on a DeFi system that will leverage XRP at its core. Logos’s founder and CEO, Michael Zochowski, will also become Xpring’s “Head of DeFi Products”. He 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.”
Previously, Logos was focused on developing a payment network, which was inspired by the Bitcoin blockchain, that was focused on a quick and scalable network, which could still maintain high levels of security. With the acquisition of this company, Xpring has now grown its team to 32 employees, with it having only two last May.
Back in July, Xpring revealed its spending since its launch in May 2018. According to the data at the time, Ripple’s incubator had already invested $500 million in over 20 XRP projects.