Ripple is on its way to building decentralized finance (DeFi) products based on XRP. Xpring, the investment arm of Ripple has announced the acquisition of payment startup Logos Payments. According to details, Xpring will hire nine Logos Payment’s New York-based engineers to the team and Logos founder and CEO Michael Zochowski will become Xpring’s head of DeFi products.
In a blog post, Ethan Beard, Senior Vice President of Ripple, welcomes Logos payment to Ripple. He wrote:
“Today, we’re excited to announce that Ripple has acquired Logos, a startup developing a turnkey payments solution focused on speed and scalability. The talented Logos team will be joining Xpring to expand on our shared vision of building the Internet of Value.”
He said that this partnership is a result of a shared vision between us and Logos to build an ecosystem around the Internet of value as he said:
“As we got to know the team, it became clear that we share a vision for the future of blockchain and how digital assets like XRP can transform how money moves.”
He said that our team met with the Logos team earlier this year was quite impressed. Logos team will be leading an initiative by Ripple to build decentralized finance (DeFi) products based on XRP and some other ideas to leverage crypto to transform payments and finance. Michael Zochowski will be serving as the head of this project. “Michael and the team will be based in Ripple’s New York office, and we are excited to be building out our engineering presence in NYC,” he added.
Xpring was founded in May 2018 with a mission to build crypto infrastructure to grow the XRP ecosystem and help innovative blockchain projects grow through partnership and investment. Ethan said that the company’s core mission is the same but approach to reach the North Star has evolved.
Logos also called Logos network is a distributed, trustless transaction network designed for extreme scalability. It achieves high transaction throughput and low confirmation latency using a novel structure, according to a whitepaper published by the company. Before joining Ripple’s Xpring, the company was working to build a highly scalable payment network inspired by the bitcoin blockchain.
With this partnership, the company hopes the same financial institutions that take advantage of the Ripple network to achieve real-time payments and real-time fiat settlements will be interested in XRP-based DeFi products.