With the development of DeFi Finance, Ripple, which has always focused on the financial sector, has finally built its own DeFi ecosystem, and has officially begun to build XRP-based DeFi products.
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By acquiring the decentralized payment platform Logos Network, Ripple's investment division Xpring will add nine engineers to New York. Michael Zochowski, founder and CEO of Logos, will become Xpring's "DeFi Product Director." However, Xpring did not disclose the price of the deal.
Prior to joining Xpring, Logos was working to build a payment network inspired by the Bitcoin blockchain, focusing on a scalable, fast network that still maintains a high level of security.
Xthing senior vice president Ethan Beard said the acquisition of Logos will help Ripple build XRP derivatives, loans, futures and forward contracts.
“We are still in the early stages of research. We have invested in DeFi in the past. We invested in Securitize and Dharma, but now we have to build our own.”
Part of Xpring's focus is on identifying use cases other than the company's payment network, RippleNet, to build a corporate network around XRP. So far, the company has committed to investing $500 million in 20 companies, including equity investments and XRP grants, such as the $265 million deal with content platform Coil.
Through the acquisition of Logos, Xpring currently has 32 employees, and last May the company had only two employees. Beard hopes that financial institutions that use RippleNet for real-time payments and real-time legal currency settlement are also interested in XRP-based DeFi products.
“Especially, I am interested in debt and borrowing and what happens.”
"Like the legal currency, shortly after the birth of the French currency, some people soon said to the person holding the legal currency, 'Hey, can I borrow it?'"