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Ripple Makes Its First Move Towards Develop Its Own Decentralized Finance (DeFi) Products

callum by callum
October 18, 2019
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Ripple has taken the first step in its efforts to develop its own DeFi products around XRP. The company has acquired Logos Network, a decentralized payments platform as part of these initial first steps.

Logos Network will be fully integrated into Xpring, Ripple’s investment arm. According to reports, Ripple is expected to bring in a total of 9 engineers from New York into Logos. The engineers will presumably spearhead efforts to develop the DeFi products.

Xspring is also expected to establish a new DeFi Product division as part of the acquisition. The division, according to current reports, will be headed by Micahel Zochwoski, the immediate CEO of Logos Network. The extent of the DeFi product range that Ripple intends to develop is still unknown. But according to Xpring Senior Vice President Ethan Beard, the acquisition of Logos Networks will help the company start working on XRP loans, derivatives, forwards, and futures. Beard did, however, caution that these developments are still at a very early stage.

Ripple has been looking to diversify its portfolio by building companies outside its XRP network. So far, the company has invested over $500 million in 20 such companies. Xpring just recently announced a new deal with content platform Coil valued at $265 million. This was one of the largest investments it’s made so far and it seems like Logos Network is next in line.

Even though the acquisition hasn’t involved a lot of money, it’s definitely an important step for Ripple and its vision to build more products around its XRP altcoin network. Ultimately, the long term objective is to leverage on the XRP ecosystem to develop additional financial services for a wide range of clients. This will not be easy but it’s clear that Ripple is fully committed.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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