Ripple is one of the most promising blockchain project and the company behind the third most valuable Cryptocurrency in the world. Ripple is rapidly moving towards real-world adoption with major partnerships.
As you can see, there’s no shortage of startups in the crypto space. And behemoths like Ripple are taking notice. Recently, global payments Processor Company acquired Algrim, Icelandic crypto trading firm led by Dadi Armannsson.
Ripple continues its acquisition streak, and launches operations in Iceland. Welcome to the family, Algrim! https://t.co/suIyB4PVs4
— Ripple (@Ripple) September 30, 2019
In addition, about a week before this acquisition, ripple’s initiative Xrping scooped up Logos, a startup developing a turnkey payments solution focused on speed and scalability. With the acquisition, ripple brings eight engineers to the Xrping team, who will explore solutions for a decentralized finance (DeFi) system built on XRP.
This is the first time ripple is expanding in Iceland and the recent acquisition of Algrim will bring a group of technical talented people to work on Ripple’s On-Demand Liquidity (ODL), which utilizes XRP for production cross-border payments.
“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.”
Ripple is confident enough to bring the best solutions in the field of enterprise solutions including cross border payments settlement and financial services. Both the acquisition will add more talent and power to the ripple team. Algrim team will furnish Ripple with over 10 years of experience building trading platforms. For as long as two years, Algrim has built up its crypto trading platform coordinating more than 30 markets.
“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,” said Algrim CEO Dadi Armannsson. “We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple.”
Ripple’s new acquisition and Iceland office will increase its reach by adding strategic partners and financial institutions to RippleNet to give it a solid boost.