Ripple’s investment arm, Xpring, has acquired payments platform Logos Network to develop decentralised financial (DeFi) products.
Logos is a scalable cryptocurrency designed for real time payments. The company’s consensus, Axios PBFT, is claimed to offer decentralisation, fast settlement times, high throughput, and transaction immuatability.
As part of Xpring, the team behind Logos will look into a DeFi system that is set to use XRP at its core, , and explore to leverage crypto to transform payments and finance.
With the acquisition, Logos’s founder and CEO Michael Zochowski will lead DeFi Products, as well as build relationships. The team will be based in Ripple’s New York office.
Plans have not yet been finalised for the Logos core technology, and the startup said it will provide and update in the near future.
Zochowski said: “As we look ahead to our next chapter at Ripple, 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, and Ripple is the perfect place for us to help build that future.”
Xpring, which started in May 2018, has supported more than 20 companies, and commited over $500m to build an ecosystem around XRP and the Internet of Value.
Earlier this month, blockchain financial technology company Coinme secures commitments of $1.5m in funding from Xpring and Blockchain Finance Fund.