Ripple and enterprise-grade blockchain payment solutions and the company behind the popular cryptocurrency XRP, is expanding their horizons to Iceland, thus further increasing its presence in Europe. In addition to this, the organization will also be expanding its engineering team.
Ripple has been involved in a series of acquisitions and this move is the result of one such acquisition. The company has recently acquired Icelandic crypto trading firm Algrim, which also added to its team of Engineers obtained from Algrim. A total of six new members have joined Ripple’s ranks, with the goal of integrating with partner crypto exchanges. The Icelandic province will serve as a vital engineering hub for the organization and will draw more technical talents. Both Ripple and Algrim are optimistic about this new venture.
On-demand liquidity service on focus
The team will be working to further enhance Ripple’s cross-border payment systems and contribute to the growth of the company’s on-demand liquidity (ODL) product which utilizes Ripple’s xRapid cross-border payment service to allow customers to transfer funds from one currency to XRP and XRP to the desired currency. This makes transferring funds hassle-free as this helps them avoid opening of a bank account or holding funds in the countries they wish to transfer the funds to.
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, We’ve been committed to sourcing expert crypto and trading talent in key global markets since day one, and the acquisition of the Algrim engineering team is a successful example of doing just that.”
Dadi Armannsson, 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.”
This new acquisition is also the first time Ripple has set foot on Iceland. The company already has its wings spread across the globe in places like New York, London, Mumbai, San Francisco, Singapore, Sao Paulo and Sydney. The Iceland office further contributes to the acceleration of Ripple’s global reach and will also help develop new strategic partnerships. The Company already has more than 200 enterprises using RippleNet and their cross-border payment services.