Ripple has announced it acquired Icelandic cryptocurrency trading firm Algrim as it’s expanding its presence in Europe with new operations in Iceland.
According to a blog post from the company, the team behind Algrim is set to join Ripple’s efforts developing its On-Demand Liquidity product, which uses the XRP token for “production cross-border payments.”
Ripple will use its presence in Iceland to establish an engineering hub, and plans to bring on more technical talent into the region, the post notes. The company’s SVP of Engineering, Christopher Kanaan, was quoted as saying:
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.
Kanaan added the company is committed to “sourcing expert crypto and trading talent in key global markets since day one,” and said that the Algrim engineering team is an example of it. Dadi Armannsson, the CEO of Algrim, noted the decision to join Ripple was a “natural fit” as both companies share a vision to “enable widespread adoption of digital assets and blockchain technology.”
Armannsson added they’re “big believer in XRP and the XRP Ledger.” Ripple has seemingly been on an acquisition streak, as last week it acquired Logos and added eight engineers to its Xpring team, to help build decentralized finance (DeFi) products using XRP.
Earlier this year, the company signed a partnership with MoneyGram for it to use its XRP-based XRapid for cross-border payments.
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