On the 27th September, Ripple’s investments arm Xpring
announced its acquihire of payments startup Logos. Logos focuses on fast and scalable digital payments, and will now work with Ripple to build a blockchain-based financial system with XRP as its principal asset.
Ripple launched
Xpring to support its long-term goal of creating the Internet of Value (IoV). Like the Internet of Things (IoT), the IoV is Ripple’s definition of a new, peer-to-peer ecosystem for exchanging assets without intermediaries. It hopes to leverage blockchain and cryptocurrency to enable instant trading of value.
Friday’s deal with Logos, as a decentralized finance (DeFi) startup, is a fitting acquisition for Xpring. It also signifies a new direction for Ripple in expanding its offerings. Logos’s founder and CEO, Michael Zochowski, will now head up Xpring’s DeFi Products department. His team will work on payments and finance initiatives for the firm.
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