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Blockchain startup Ripple has announced its further expansion in Europe as it launched operations in Iceland with the acquisition of crypto trading firm Algrim.
Algrim’s team will bring its extensive experience in building trading platforms to Ripple. For the past two years, Algrim has developed its crypto trading platform integrating over 30 markets. Prior to that, its team built traditional trading platforms and foreign exchange trading algorithms for over a decade.
As part of the acquisition, Algrim’s six engineers will join Ripple. Amir Sarhangi, Ripple’s vice president of products, told CoinDesk that the team will work to expand the San Francisco-based firm’s cross-border payment corridors and contribute to the ongoing development of its on-demand liquidity product.
“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,” said Christopher Kanaan, SVP of Engineering. “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.”
On-demand liquidity through Ripple’s xRapid cross-border payment service allows companies to transfer funds from one currency to another without the need for them to open bank accounts in countries they want to send payments and hold funds for cross-border transactions. xRapid significantly simplifies the process by allowing companies to transfer funds from one currency to another using XRP token.
Ripple said that more than 200 customers have signed on to RippleNet, its global payments network, and over a dozen customers are leveraging XRP in cross-border transactions.
Just recently, Ripple’s investment arm Xpring acquired Logos Network to develop decentralized financial (DeFi) products. The Logos team joined Xpring to look into a DeFi system that will leverage XRP at its core, and explore to utilize crypto to transform payments and finance.
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