Breaking: Ripple Acquires Crypto Trading Firm for European Expansion
Ripple Bags Business Deal
Just announced minutes ago, crypto-centric fintech startup Ripple has just made an expansion into Iceland. In a blog post, the San Francisco-headquartered company revealed that it has acqui-hired (acquired and hired) Algrim, a cryptocurrency trading firm based in the Nordic country. This move marks the company’s latest expansion into Europe.
Ripple continues its acquisition streak, and launches operations in Iceland. Welcome to the family, Algrim! https://t.co/suIyB4PVs4
According to the announcement, this new team, which formerly focused on developing a crypto trading platform, will be focused on leveraging their skills to develop Ripple’s On-Demand Liquidity product, which uses the XRP token as a means to settle and process cross-border payments. As Christopher Kanaan, the senior vice president of Engineering at Ripple, remarked in a press comment:
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.
Algrim’s engineers “spent over a decade building traditional trading platforms and foreign exchange trading algorithms.”
This is Ripple’s latest business deal in an “acquisition streak”. Previously, just last week, the company revealed that it had acqui-hired Logos, onboarding eight engineers to its Xpring team that will be focusing on bringing the currently Ethereum-centric decentralized finance trend to the XRP Ledger.
This move comes after Brad Garlinghouse, the chief executive of the crypto fintech startup, told Yahoo Finance that as Ripple’s balance sheet is healthy, he will be looking to make acquisitions and deals that will help customers.