Ripple Acquires a New Company Through Xpring to Build XRP-Focused DeFi System
- Michael Zochowski, founder and CEO of Ripple’s new acquisition will be Head of DeFi Products
- Xpring attracting “more and more interest from entrepreneurs and developers to build on the XRP Ledger” – Ethan Beard
Logos is a startup that develops turnkey payment solutions focused on speed and scalability that will be collaborating with Xpring team. Xpring, Ethan Beard, the SVP at Ripple wrote, is seeing “more and more interest from entrepreneurs and developers to build on the XRP Ledger and as the XRP ecosystem grows.”
This acquisition has been a Ripple's initiative to create its very own decentralized financial (DeFi) system using XRP.
Logos team will apparently bring “more horsepower” to help Xpring deliver this DeFi system and other ideas that the company is exploring to leverage crypto to transfer the payments the financial.
Michael Zochowski, Logos’s founder and CEO will serve as Xpring’s Head of DeFi Products and will continue to lead the team. Michael and the team will be based in Ripple’s New York office.
Started in May 2018, Xpring has supported over 20 companies and more than $500 million to the ecosystem, till now. The idea behind Ripple’s investment arm is to help build blockchain projects that will assist in growing the XRP ecosystem.