February 1, 2023

Ripple Acquires Icelandic Crypto Trading Company Algrim

Ripple Acquires Icelandic Crypto Trading Company Algrim

Thanks to the acquisition of the Icelandic cryptocurrency trading company Algrim, the Ripple team has replenished 6 developers from Iceland.

The efforts of new employees will be directed tointegration of solutions to other cryptocurrency exchanges. The team will work to expand Ripple's cross-border payment corridors and contribute to the continuous development of a liquid product at the request of the company. The transaction amount is not disclosed.

The purchase implies the expansion of the company intoterritory of Iceland. Until that time, Ripple's offices were located in San Francisco, New York, London, Mumbai, Singapore, Sao Paulo and Sydney. The company also wants to expand its ability to hire new developers as it moves to new areas of the world.

According to Ripple, the company serves moreA dozen clients using XRP for cross-border transactions. Prior to the acquisition, Algrim developed a cryptocurrency platform that the company integrated with more than 30 markets. Previously, the team created traditional trading platforms and trading algorithms.

This news follows Ripple's announcementFriday that its investment division, Xpring, acquired the Logos Network. This move helped bring nine developers to the Xpring team to create DeFi products.