The American fintech company Ripple is starting to develop the decentralized financial products (DeFi) based on the XRP cryptocurrency with the acquisition of the decentralized payment platform Logos Network.
Under the deal, nine Logos developers will join Ripple Xpring’s New York investment division, and Logos CEO Michael Zochowski will become its head of DeFi products. How much did the acquisition of Logos cost Ripple? The company declined to report.
Xpring Senior Vice President Ethan Beard explained that the new product line will include derivatives, loans, futures and forwards based on XRP.
“We are just starting to deal with this” – he said. In the past, we invested in DeFi companies. We have invested in Securitize and Dharma, but now we are starting to work in this area ourselves.”
Xpring’s goals include developing Ripple’s business outside of its core RippleNet payment network and attracting third-party companies to use XRP. To date, the unit has invested $ 500 million in 20 projects, both through the purchase of shares and through the issuance of grants.
With the acquisition of Logos, the Xpring team expanded to 32 employees, while last May there were only two. Bead hopes that financial institutions that already use RippleNet to make real-time payments will be interested in XRP-based DeFi products.