Ripple Moves into Europe with Acquisition of Algrim (Iceland)

Ripple, a provider of blockchain solutions for cross-border payments, has launched its operations in Iceland, Europe, making this the latest business deal in its acquisition streak.

As announced earlier today, Ripple has acquired Algrim, an Icelandic based crypto trading firm in its venture to expand its businesses in Europe. This acquisition will support RippleNet, a payment network that aims to boost cross-border payments. Coming onboard Ripple’s ranks are six engineers who will deliver on the on-going developments. 

With physical addresses in New York, San Francisco, London, Singapore, Sao Paulo, Mumbai, and Sydney, Iceland provides a virgin business opportunity in the European region.  

On-Demand Liquidity Service using XRP 

The new dispatched engineering team, which initially focussed on developing a crypto trading platform, will redirect its focus to develop the product: Ripple’s On-Demand Liquidity.  This product employs an XRP token as a means to complete cross-border payments. 

On-demand Liquidity service makes it possible for companies to transfer funds from fiat currency to XRP as well as XRP to a different fiat currency. These companies do not need to own accounts in the different countries they transact business thanks to this service. Currently, Ripple runs operations with more than a dozen clients using XRP for cross-border transactions. 

Christopher Kanaan, the senior vice president of Engineering at Ripple, had the following to say: 

“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…. the acquisition of the Algrim engineering team is a successful example of doing just that.” 

In response to the above statement from Algrim, Dadi Armannsson, Algrim CEO indicates that the decision to join the Ripple team was a natural fit. Armannsson adds, “We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple.” This acquisition follows after Xpring, Ripple’s investment arm purchased Logos Network. Similarly, this purchase brought onboard engineers whose principal purpose is to build XRP-related decentralized finance, DeFi products.