Ripple acquires Algrim crypto trading firm in Iceland

Ripple has acquired Iceland-based crypto trading firm Algrim to tap into its talent pool, paving its way to expand its operations in the European country.

September 30, 2019, | AtoZ Markets - Ripple, the San-Francisco-based blockchain company behind the XRP token, has today announced in a blog post an expansion of its engineering team as well as a move to Iceland. 

Ripple expands operations to Iceland via Algrim

As per the announcement, the six-engineer team of Algrim will join Ripple and will contribute to the ongoing development of Ripple’s On-Demand Liquidity (ODL) program which utilizes XRP for production cross-border payments.

Commenting on the acquihire, Christopher Kanaan, SVP of engineering at Ripple, said: 

“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.”

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Currently, Ripple has added over 200 partners on RippleNet and is planning to make Iceland its regional base. The company also has another European office in London, along with its presence in New York, Singapore, Mumbai, São Paulo, and Sydney.

Kanaan also added:

"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.”

Prior to Ripple’s acquisition of Algrim, the Icelandic company developed a crypto trading platform integrating over 30 markets and was working on it for the last two years.

Ripple continues its acquisition spree

Ripple is also on an investment spree and made headlines after investing $30 million in MoneyGram earlier this year. Last Friday, the company's its investment arm, Xpring made a similar acquisition of Logos Network, adding nine members of the company to its team.

“The decision to join the Ripple team was a natural fit — 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,” explains Dadi Armannsson, chief executive at Algrim.

The acquisition did not make any significant change in the market performance of XRP. At the time of press, Ripple price is up by 6.97% and trading at $0.25 as per data from CoinMarketCap

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