The major crypto firm Ripple, the parent of the cryptocurrency Ripple (XRP)trade, is further expanding its services in Europe through an acquisition of the Icelandic crypto trading firm Algrim.
Ripple, a pioneer in providing blockchain-based solutions for large-sized enterprises, has been acquiring and investing in blockchain firms through its investment and development arm Xpring.
Ripple already has some heavy-weight banking and institutional clients which use Ripple’s blockchain for cross-border transactions that make it the only blockchain with real applications and major banking clients. With its strong presence in the U.S. and Canada, the company is on its way to expand further in Europe through this current talent acquisition.
Xpring is an investing initiative by Ripple that aims to invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs with strategic and business partnerships. The firm, via Xpring, recently acquired Logos, an online payments platform and added eight engineers to the Xpring team to develop decentralized financial (DeFi) products based on the firm’s digital asset XRP and the XRP Ledger. Along with this acquisitions, Ripple has made many other successful investments through Xpring.
The firm announced its global reliable payment network called RippleNet and partnered with several financial institutes including MoneyGram. The platform enables enterprises to conduct real-time international transactions efficiently through XRP, Ripple’s native cryptocurrency. Ripple is leaving no stone unturned to meet customer demands and grab crypto and other digital opportunities in this domain. Conducting acqui-hiring (acquisition for the purpose of hiring the staff) globally, the firm is expanding its development team and scaling up its operation around the world.
With this present Icelandic acquisition, the firm is planning to expand the development of its On-Demand Liquidity (ODL) product which utilizes XRP to conduct cross border transactions. The Icelandic team will play a vital role in serving as one of Ripple’s engineering hubs in Europe where the firm is aiming to bring on more talent.
Christopher Kanaan, SVP of Engineering, stated:
“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.”
Algrim CEO Dadi Armannsson further said that the former team at Algrim, with a decade of experience will be quite auspicious for Ripple. The team has previously developed its crypto trading platform which consists of over 30 markets and foreign exchange trading algorithms.
Algrim CEO Dadi Armannsson said, “We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple.”
