Xpring, the investment arm of cryptocurrency behemoth Ripple, has announced the acquisition of payment startup Logos.
In his blog post, senior vice president Ethan Beard says that the partnership is a result of a shared vision between Ripple and Logos for the creation of the Internet of Value.
As we got to know the team, it became clear that we share a vision for the future of blockchain and how digital assets like XRP can transform how money moves.”
Logos, which aims to increase the scalability of money transfers, will particularly focus on the development of decentralized finance (DeFi) solutions for Ripple’s native token XRP.
The company’s founder Michael Zochowski will move to Ripple’s Net York-based office together with his team. Zochowski will be responsible for the development of DeFi products at Xpring.
In less than two years, Xpring has already invested more than $500 mln into the projects that could streamline the adoption of XRP.
Its most recent acquisitions include cryptocurrency ATM chain CoinMe and content monetization startup Coil (the latter received a whopping 1 bln XRP in funding).