Ripple acquires Icelandic crypto exchange to expand its presence in Europe
Ripple, the company behind XRP, announced the acquisition of the Icelandic crypto-trading firm Algrim. The six-person Icelandic company will help Ripple gain a foothold in Europe.
Icelandic crypto-trading company joins ripple
Ripple has already acquired numerous companies to expand its influence on the international market. The latest blockchain giant is Algrim – a crypto trading platform based in Iceland.
The six-person team will play an “integral role” in Ripple’s ongoing on-demand liquidity product (ODL), the company said in a blog post:
Experience on-demand liquidity, “said Christopher Kanaan, SVP of Engineering at Ripple.
Algrim is the youngest company acquired by Ripple. Ripple announced integration of the payment platform logos and expanded its Xpring team with eight engineers.
Ripple’s latest acquisition marks the beginning of European expansion
According to Kanaan, Ripple is committed to attracting talent from around the world, and the acquisition of the Algrim engineering team is a successful example. Algrim has been developing its crypto-trading platform for over two years and has integrated it into 30 markets.
Subsequently, Algrim developed crypto exchanges with extensive experience in building traditional trading platforms. The switch to crypto was made after the big theft of 2017 when the company lost hundreds of thousands of crypto-mining equipment.
With locations in New York, London, San Francisco, Mumbai, Singapore, Sydney and São Paulo, Ripple’s trip to Iceland will help the company expand its presence in Europe.
It’s hard to say how the news about Ripple’s expansion will impact XRP in the long term. During the coin on September has risen by 7.7 percent, it drops continuously since the beginning of the year.