Look what we have here! Ripple Xpring acquires a DeFi payments platform called Logo Network. Ripple has made its first move towards building decentralized finance (DeFi) products based on XRP. The Logos Network is a high performance scalable cryptocurrency designed for real-time payments. Our novel consensus, Axios PBFT, provides decentralization, fast settlement times, high throughput, and transaction immutability.
Here is the official press release from Logos Network on the Xring deal. https://medium.com/logos-network/joining-ripples-xpring-e018943a256d
Now let us jump into why this is such massive news. With this acquisition Logos acqui-hires will now help Ripple build XRP derivatives, loans, futures and forwards. Let me say that again: Logos will now help Ripple build XRP DERIVATIVES, LOANS, FUTURES AND FORWARDS. Can anyone say liquidity? How about price discovery?
Ethan Beard, senior vice president of Xpring said:
“We’ve made investments in DeFi companies in the past. We invested in Securitize and Dharma, but it’s now an area where we’re building.”
Xpring now has a team of 32 employees, having grown from a team of just two last May.
Since Logos launched in December 2017, Logos has celebrated the following milestones:
14 full-time team members
233 git commits, 274,843 lines of code, and 44,994 of core code
2 major builds and countless subbuilds
1 prototype benchmark that had outstanding results (at the cost of many sleepless nights!), including:
17,000 transactions per second under realistic conditions
2 second confirmation time
Exciting times ahead and this is a massive picup for Xpring.
Make sure to give Logos a follow https://twitter.com/LogosPayments