July 20, 2024

Ripple bought Algrim crypto company for expansion in Europe

Ripple bought Algrim crypto company for expansion in Europe

Riple, the payment company behind XRP, bought the Icelandic crypto trading company Algrim to expand its presence in the European market.

The parties did not disclose the terms of the transaction, but it is known that a team of six developers will become the basis of a new engineering cell by joining the London division.

According to Ripple representatives, the acquisition will beplay an important role in the development and promotion of on-demand liquidity products based on XRP for cross-border payments. The Algrim team will help their American colleaguesexpand the scope of digital assets and blockchain technology.

In the future, Riple plans to hire more specialists to open a separate office in Iceland.

European market is attractive toforeign companies due to the progressive regulation and proliferation of digital assets. For example, last week the Stuttgart Stock Exchange began trading in cryptocurrency.

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