Ripple Looking Into DeFi With New Acquisition

A new acquisition seems to signal that Ripple has made its first move towards building decentralized finance (Defi) based on XRP.

Xpring, Ripple’s investment arm, has acquired Logos Network, a decentralized payments platform adding nine New York-based enginers to its fold and its CEO and founder becoming Xspring’s head of DeFi Products.

According to Ethan Beard, senior vice president at Xpring, the new acquisition will help Ripple build XRP derivatives, loans, futures and forwards.

Xpring purpose is to find XRP use-cases outside of Ripple’s payment network and build a network of companies that utilizes XRP and has committed $500 million to 20 companies.

It is truly an exciting time for Ripple which continuously improves its ways of doing business as well as incessantly looking for ways to increase the utility of its cryptocurrency XRP outside of their own network.

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