Today Ripple announced the acquisition of the Icelandic crypto trading firm Algrim and their expansion into Iceland “to further expand its presence in Europe,” reads the company blog:
“This acquisition and opening of the Iceland office will accelerate Ripple’s global reach, bringing on strategic partners and financial institutions to RippleNet.”
According to the announcement, the new local office “will serve as one of Ripple’s engineering hubs with plans to bring on more technical talent,” alongside with the San Francisco, New York, London, Mumbai, Singapore, Sydney, and Sao Paulo offices. The Icelandic team of 8 engineers will contribute to the On-Demand Liquidity (ODL) product, shared Christopher Kanaan, SVP of Engineering:
“With built-in expertise in trading and exchanges, the addition of Algrim’s engineering talent to our team will be instrumental in continuing the momentum we’re already experiencing with On-Demand Liquidity.”
Ripple plans to utilize the “more than a decade’s worth of experience building trading platforms” of Algrim, while according to Algrim CEO Dadi Armannsson, “the decision to join the Ripple team was a natural fit”:
“We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple.”
Last week Ripple also acquired Logos and has added eight engineers to explore solutions for the decentralized finance (DeFi) system. Earlier Ripple announced a partnership with MoneyGram.