January 18, 2021

Xnode24

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Icelandic crypto-trading company, Algrim, joins Ripple

The Brad Garlinghouse-led firm is on an expansion spree lately as it continues hiring teams on a global scale.

This week marked the second engineering talent acquisition with the Algrim deal.
The official release went on to state that the acquisitions of the Logos platform and Algrim point to,

‘Ripple’s strong market momentum and focus on attracting and developing the best in engineering talent’.

The Algrim deal is the newest addition to blockchain giant, Ripple’s family. According to the official release Ripple launched operations in Iceland to further expand its foothold in Europe and to acquire Icelandic crypto trading firm, Algrim.

An official tweet posted on the 30th of September read:

“Ripple continues its acquisition streak, and launches operations in Iceland. Welcome to the family, Algrim!”

The price of the deal, however, remained undisclosed.

With Algrim under its hood, Ripple will leverage its presence in the Norther Europe demographic. The blog stated,

“Iceland will serve as one of Ripple’s engineering hubs with plans to bring on more technical talent in the region.”

The latest Icelandic venture is expected to bolster ongoing development of Ripple’s On-Demand Liquidity [ODL] product. RippleNet, the blockchain firm’s product utilizes digital asset XRP as the bridge currency in the payment flow and offers service known as On-Demand Liquidity.

RippleNet has been touted as an alternative to the costly endeavours tied up with traditional international payment settlements that require individuals and businesses to hold pre-funded accounts in destination currencies. 

Addressing the expansion, Christopher Kanaan, SVP of Engineering commented:

“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,”

Commenting on joining Ripple, Dadi Armannsson, the CEO of Algrim said:

“The decision to join the Ripple team was a natural fit – both companies share a vision to enable widespread adoption of digital assets and blockchain technology, which aligns directly with what we’ve been working towards for the past several years. We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple”

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