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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.