Copy link
Increase text size
Decrease text size
Link copied

Ripple's Xpring acquires Logos Network to build DeFi products

Image Credit: Ripple YouTube

Mon, 30 Sep 2019, 05:37 am UTC

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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Jan 27, 2021 (Wednesday)
BTC Drops by 1.01% Within 5 Mins, Marking 31,271.8 USDT
F2Pool To Suspend Payment Of CKB Mining Earnings On Jan 28
Whitepaper Of MOV Lending Protocol Released
BTC Tops List Of Crypto Net Outflows With $102.40 Mln In Past 18 Hours
UN Stamps Launches Ethereum-Powered UN Crypto Stamp
Huobi Global To Suspend ADA Deposits And Withdrawals
SushiSwap Falls Victim To Attack Again, And Hacker Make A Big Fat Profit
Ripple Client ACI Chosen For Fed’s Pilot Program, While One More Exchange Joins RippleNet
BTC Drops Below 31000 USDT
CoinNess DeFi Report: Assets Locked In DeFi Mark $35.74 Billion
Furucombo Partners With Synthetix
EY’s Paul Brody Expects Consumer DeFi Ignition In 2021
F2Pool: VTC Is Expected To Conduct Hard Fork On Jan 30
Independent Reserve Announces To Delist BSV
OKEx: Props Token (PROPS) Now Available
Ripple Hit With Yet Another Lawsuit Over Securities Law Violations
Effective Hashrate Of Filecoin's Entire Network Marks 2.116 EiB
24H Trading Volume Of Uniswap Tokens Marks $710 Mln
Plasm Network announced that ZK Rollups integration test has been successfully completed.
BTC Contracts See Shorts Accounting For 51.72% In The Past 4 Hours
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.