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

Published at: Sept. 27, 2019

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 (DeFi) 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.

Exploring DeFi and building relationships

As part of Xpring, the team behind Logos will be exploring a DeFi system that is set to leverage XRP at its core. With the acquisition, Logos’s founder and CEO Michael Zochowski will lead DeFi Products, as well as build relationships.

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.”

Xpring’s projects and spendings

In mid-August, Xpring announced a 1 billion XRP (roughly $265 million) 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. Targeting fintech and product strategy disruptors, Robot Ventures invested in crypto mining firm Coinmine and Point, a startup developing new debit card solutions.

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.

Tags
Altcoin
Investments
Fintech
Payments
Ripple
Related Posts
What are the most bullish cryptocurrencies to buy right now? | Find out now on The Market Report
The Market Report with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss what they believe are the top three most bullish coins one should take a closer look at. But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. Next up: the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as each makes his case for the most bullish cryptocurrency right now. …
Decentralization / May 3, 2022
Ripple’s Xpring Invests in Crypto Wallet Provider BRD to Integrate XRP
Ripple’s investment arm Xpring has invested into cryptocurrency wallet BRD to enable users to hold, purchase, sell and spend XRP tokens through the wallet. Xpring announced the development in an Oct. 11 blog post, noting that BRD — a mobile cryptocurrency wallet, with a reported user base of 2.5 million — will build on the Xpring platform to support and integrate XRP. Large user base and geography By selecting BRD, Xpring ostensibly focused on the wallet’s large user base and territorial coverage of 170 countries, as well as the company’s healthy growth in key metrics such as transaction volume. The …
Altcoin / Oct. 11, 2019
Apple Pay integration and Staking 3.0 launch push COTI price to a new high
As big-name payment processors like Visa and Mastercard increasingly integrate blockchain technology into their payment rails, decentralized platforms offering the best solutions to issues like scalability and fast transaction times are gaining traction. COTI is one such platform that has been gaining momentum in recent weeks after a series of network upgrades and big announcements brought extra attention to the enterprise-grade fintech platform. According to COTI’s website, the protocol focuses on empowering organizations to create their own payment solutions and digitize any form of currency as a way to save time and money. Data from Cointelegraph Markets and TradingView shows …
Adoption / March 6, 2021
Visa Set to Join the Expanding Field of Blockchain-Based International Payment Providers
Visa has launched a payment system for business-to-business (B2B) transactions partially based on blockchain technology. The United States payment behemoth says its platform, called Visa B2B Connect, offers seamless cross-border payment processing for institutional clients without going through the complex web of third-party intermediaries. In doing so, Visa becomes the latest entrant into the blockchain-based payment processing arena. This move brings the company into direct competition with cryptocurrency startups like Ripple and mainstream players, such as Barclays and BNY Mellon with their Utility Settlement Coin (USC) project under the aegis of the Fnality Consortium. Visa B2B Connect — three years …
Blockchain / June 19, 2019
Ripple’s xRapid Payments Solution is Now Commercially Available
Ripple’s real-time settlement platform xRapid is now commercially available, according to an announcement published October 1. xRapid is a platform designed to speed up international payments, while eliminating the need for a pre-funded nostro account. The product purportedly sources liquidity from digital currency XRP on exchanges globally, making cross-border transactions faster and cheaper compared to traditional methods. The pilot phase of xRapid was launched in May, with the participation of financial institutions and payment providers, such as MercuryFX and Cuallix. The participants in the pilot reported transaction savings of 40–70 percent, as well as an improvement in transaction speed — …
Altcoin / Oct. 1, 2018