February 22, 2024

Ripple will develop a line of DeFi products using the XRP token

Thanks to the acquisition of the Logos Network platform, Ripple intends to develop a number of products in the field ofdecentralized finance (DeFi), reports CoinDesk.

Logos team previously worked on billingsolutions based on the Bitcoin blockchain, focusing on the issues of scalability and network performance. With the acquisition of the new platform, Ripple hopes to create derivatives, landing solutions, futures and forwards using the XRP token.

“We have invested in DeFi companies in the past, including Securitize and Dharma. However, now this is the area where we are creating ”, Said Ethan Byrd, senior vice president of Xpring Investment.

By now, Xpring has invested orallocated about $ 500 million to 20 different companies as grants. In particular, in August, Coil, which monetized web content, received 1 billion XRP ($ 260 million at the exchange rate at that time).

The transaction amount for the acquisition of Logos Network is not disclosed.

Recall that recently, Ripple, through its Xpring division, invested in Coinme, an American provider of bitcoin ATMs.