Ripple, a San Francisco-based distributed ledger technology (DLT) project in charge of XRP, the third-largest cryptocurrency in existence by market cap, has acquired Algrim, an Icelandic cryptocurrency trading platform. The deal will enable Ripple to have a presence in Northern Europe, according to a blog post, September 30, 2019.
As stated in the post, Ripple, a firm focused on creating cross-border payment solutions, has purchased Iceland’s Algrim cryptocurrency trading venue for an undisclosed amount as part of plans to expand its presence in Europe.
The deal will also enable Ripple to add Algrim’s existing team of engineers to its platform and the team has made it clear that Algrim’s engineering team will have a huge role to play in the development Ripple’s On-Demand Liquidity (ODL) solution, which is aimed at providing financial institutions with reliable, super fast and cost-efficient transactions.
With the new “acqui-hire,” Ripple says Iceland will now become one of is engineering hubs, with more blockchain developers in the region to be on-boarded shortly. Read More...