Michael Zochowski, the Founder and CEO of blockchain startup Logos Network, which was founded two years ago, announced on Friday (September 27) that his company had been acquired by Xpring, Ripple's investment arm.
According to its white paper, Logos is a decentralized transaction network designed for high scalability (the projected theoretical capacity is over 100,000 transactions per second). It is built for "applications that require cheap, efficient, intelligent, and secure transfers of economic value that range in size from microtransactions to industry-scale."
In a Medium blog post published earlier today, Zochowski says that the Logos team will become part of Xpring. As for what's ahead for he and his team, Zochowski says that he expects that they "will work on a variety of projects at all levels of the Xpring platform, with a particular focus on enabling a wide range of DeFi applications."
According to a report by Coindesk, Zochowski's job title at Xpring will be "Head of DeFi Products".
Ethan Beard, a Senior VP at Ripple, told Coindesk that the Logos engineers will be helping to create XRP-based "derivatives, loans, futures and forwards."
We’re still at the early stage of figuring this out. 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.
Featured Image Courtesy of Ripple