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

With the acquisition of the Logos Network platform, Ripple intends to develop a range of decentralized finance (DeFi) products, according to CoinDesk .

Previously, the Logos team worked on payment solutions based on the Bitcoin blockchain, focusing on 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 Bird, senior vice president of Xpring's investment division.

To date, Xpring has invested or allocated about $ 500 million in grants to 20 different companies. 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.

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