Ripple has launched its operations in Iceland, expanding operations in Europe. Apart from the launch, the blockchain firm has also acquired Algrim, an algorithmic trading firm from Iceland. Last week, Ripple had acquired Logos whose team will help it build solutions for DeFi systems on XRP.
Algrim’s acquisition will help the ongoing development of Ripple’s On-Demand Liquidity (ODL) product which utilises XRP for cross-border payments. Ripple plans to use Iceland as one of its engineering hubs and plans to bring on more tech talent from the region.
“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. 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,” says Christopher Kanaan, SVP of Engineering.
Algrim CEO Dadi Armannsson further adds, “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. We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple.”
The acquisition and expansion of operations will further add to the RippleNet network. The company claims that 200 customers have already signed on to RippleNet with over a dozen customers leveraging XRP in cross-border transactions.
(Image Credit: Ripple Blog)