Ripple's Xpring Acquires Payment Platform Logos Network to Pursue DeFi

Ripple, the San Francisco-based startup behind the third-largest asset on the crypto market, XRP, has acquired payments platform Logos Network to develop decentralized financial products.

Per a Sept. 27 blog post, Ripple's Xpring initiative, the company's investment arm, has onboarded Logos Network.

Logos Network is a distributed ledger-based payment platform that focuses on speed and scalability.

As part of Xpring, the team behind Logos will be exploring a DeFi system that is set to leverage XRP at its core.

Commenting on the initiative, Zochowski 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."

In mid-August, Xpring announced a 1 billion XRP grant to web monetization platform Coil.

Coil will reportedly use the funds to build an ecosystem of creators, developers, companies and nonprofits that use XRP through the Web Monetization open standard.

In April, Xpring and Bain Capital Ventures invested in early-stage blockchain venture capital firm Robot Ventures.

In July, Xpring published data on its spendings on XRP projects since its launch in May 2018.

By the time, the incubator spent $500 million on related projects, distributing the funds to over 20 companies, including the blockchain-based gaming platform Forte.