Ripple, has announced its acquisition of Iceland-based crypto trading firm Algrim, with the goal to further expand its presence in Europe and help provide a better service to customers. In addition to that, the firm is expanding its engineering team with the new acquisition.
The new acquisition and expansion in Iceland will help advance Ripple’s global reach, as well as bring in strategic partners and financial institutions to RippleNet. Currently, the crypto firm has over 200 customers signed on to RippleNet with over a dozen customers leveraging XRP in cross-border transactions.
However, no financial details about the acquisition have been made public. Moreover, this is Ripple’s first expansion in Iceland. At the moment, Ripple has offices in San Francisco, New York, London, Mumbai, Singapore, São Paulo and Sydney.
According to the news, Ripple welcomes six new engineers to Ripple’s ranks, who will focus on integrations with partner crypto exchanges. The new team will also focus on the ongoing development of Ripple’s On-Demand Liquidity (ODL) product which utilizes XRP for production cross-border payments.
The ODL payment service allows companies to transfer funds from one currency to XRP and from XRP to another currency. As such, companies are able to avoid opening a bank account in countries they want to send payments to. According to the company, more than a dozen customers are using XRP for cross-border transactions.
Christopher Kanaan, SVP of Engineering, has stated that the team addition will be pivotal in continuing the development of their ODL.
“We’ve been committed to sourcing expert crypto and trading talent in key global markets since day one, and the acquisition of the Algrim engineering team is a successful example of doing just that.”
The former Algrim team will include seasoned industry executive Dadi Armannsson, and will help provide Ripple with more than a decade’s worth of experience building trading platforms. Over the last two years, Algrim has spent time to develop its crypto trading platform integrating over 30 markets. Prior to this, the team spent over a decade building traditional trading platforms and foreign exchange trading algorithms.
Algrim CEO Dadi Armannsson has affirmed in a statement that joining Ripple was natural as both firms share a vision to facilitate the widespread adoption of blockchain technology and digital assets.
“We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple,” he further added.
Both team acquisitions point to Ripple’s strong market momentum and focus on attracting and developing the best in engineering talent.
The news follows Ripple’s announcement on Friday of its acquisition of Logos Network – an incubator that invests in businesses building in the XRP ecosystem – adding eight new engineers to the Xpring team, who will focus on exploring and building XRP-related decentralized finance (DeFi) products. This acquisition streak displays Ripple’s strong market momentum and focus on attracting and developing the best in engineering talent.