Just announced earlier today, the San-Francisco fintech firm Ripple has just expanded into Iceland.
As Ripple stated in its blog post, the firm revealed that it has acqui-hired (acquired and hired) a cryptocurrency trading firm based in the nation, Algrim. This move is Ripple’s latest expansion into Europe and the next move in spreading the firm across the globe.
The announcement says that the new team will be focused on leveraging their expertise to assist in the development of Ripple’s On-Demand Liquidity product, which utilises the need for XRP.
According to Christopher Kanaan, senior vice president of Engineering at Ripple, he 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. 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.”
It’s said that the Algrim’s engineers “spent over a decade building traditional trading platforms and foreign exchange trading algorithms.”
Dadi Armannsson, the CEO of Algrim said:
“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.”
As Ripple expands throughout the world, more and more institutions will start to hear about the firm. Not to mention the number of investors who will become aware of the firm and thus, XRP.
It will be interesting to see how Ripple expands from here. For more news on this and other crypto updates, keep it with CryptoDaily!