March 4, 2024

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 expanded to 6developers 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 expansion of the company intoterritory of Iceland. Until this time, Ripple had offices 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 into new areas of the world.

According to Ripple, the company serves moredozens of clients using XRP for cross-border transactions. Prior to the acquisition, Algrim developed a cryptocurrency platform, which the firm 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.