Ripple acquires a crypto trading firm Algrim thus expanding its presence into Iceland.
European presence
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The expansion of Ripple in Iceland will add six engineers to Ripple’s ranks. The new team of engineers will play in its On-Demand Liquidity (ODL) program.
The announcement was made on Sept 30 in a blog post. As per the announcement Iceland will serve as of the company’s engineering hubs, joining London as another engineering hubs.
“This team hits the ground running as opposed to building out a team that has to gain this knowledge.” Amir Sarhangi, Ripple’s vice president of products
Natural Fit–Algrim and Ripple
Algrim has over the past two years integrated more than 30 markets into developing its crypto trading platform.
Algrim CEO, Dadi Armannsson, described the decision to join Ripple as a natural fit, explaining:
“Both companies share a vision to enable widespread adoption of digital assets and blockchain technology, which aligns directly with what we’ve been working towards for the past several years.”
Last week, Ripple acquired Logos Network, a payment trading platform through its Xpring initiative. Earlier this year Ripple announced a partnership with MoneyGram.