Ripple, still on a mission to building decentralized finance (DeFi) products, acquires Logos Network, a hyper-scalable payment platform to further its cause. However, the price of this acquisition has been kept private.
Ripple’s Xpring Latest Acquisition
As recently announced, the new acquisition was carried out by Xpring, a Ripple initiative that acquires and provides grants to companies and projects run by proven entrepreneurs. This means that the Logos Network is now a part of Ripple Inc.
As stated in the announcement, Michael Zochowski, the former founder and CEO of Logos will henceforward become Xpring’s “Head of DeFi products.” Along with Mr Zochowski, a host of other New York-based engineers (about nine of them) will be joining the Xpring team as well.
As admitted by Xpring’s senior vice president, Ethan Beard, he affirms that past acquisitions of decentralized finance-based firms have been an eye-opener to this sector.
“We’ve made investments in DeFi companies in the past. We invested in Securitize and Dharma, but it’s now an area where we’re building,” Mr Beard says.
However, he also admits that things are at their early stages, and several things are being figured out at the moment. Hopefully, this new acquisition will move the company a step further in achieving its goal.
Ripple Venturing Into DeFi And What This Means For XRP
As Xpring continues on its mission to building DeFi products based on XRP cryptocurrency for the industry, this means more demand for the token. This will, in turn, drive the price of XRP up in the nearest future.
As explained by FXStreet, “DeFi is a decentralized crypto market that deals with all kinds of financial services including lending and insurance.” And as mentioned by Ethan Beard, Logos will now focus its energy into building “XRP derivatives, loans, futures and forwards” for Ripple.