30 September 2019 17:46, UTC

Ripple's investment division, Xpring, recently completed the acquisition of Logos, a startup developing a turnkey payment solution focused on speed and scalability.

According to the announcement, the acquisition took place as part of Ripple's broader goal of creating a decentralized financial system (DeFi), which is based on XRP. Logos previously worked on a new payment network, inspired by Bitcoin — but now the team focus on creating XRP DeFi products.

The Xpring team said the project will be led by Michael ZOCHOWSKI, founder and CEO of Logos, “leveraging the broader resources and relationships that Ripple offers to accelerate execution on DeFi.” The team will be based in the New York office of Ripple.

Zochowski himself added the following:

“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.”

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