Ripple Announces New Algrim Acquisition Dedicated to the Adoption of XRP
- Ripple acquires Algrim, just after the news of Logos Network acquisition on Friday
- XRP price surged by 8.27 percent trading at $0.258.
As part of its expansion plan, Ripple has now announced yet another acquisition. The company has acquired Iceland-based crypto trading firm Algrim. Its team will add six engineers to Ripple, with a focus on integration with partner cryptocurrency exchanges.
Algrim previously developed a crypto trading platform that is integrated with over 30 markets. Prior to this, its team has been building traditional platforms and foreign exchange trading algorithms for over a decade.
The idea is to further expand the company's cross-border payment corridors and contribute to the ongoing development of the Ripple’s on-demand liquidity product.
On-demand liquidity via Ripple’s cross border payment service Xrapid leverages its digital asset XRP to transfer funds from one currency to XRP. This allows the banks and financial institutions to avoid opening a bank account in countries they want to send payments to.
“We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple,” said Algrim CEO Dadi Armannsson.
Reportedly, a dozen customers are using XRP for cross-border transactions. The company, Amir Sarhangi, Ripple’s vice president of products said wants to expand its ability to hire engineering talent as it moves to different parts of the world.
“It’s about expertise,” Sarhangi said. “This team hits the ground running as opposed to building out a team that has to gain this knowledge.”
Ripple hasn’t disclosed the financial terms of the acquisition. With this purchase, the company has made its first expansion into Iceland. Ripple already has a physical presence in San Francisco, New York, London, Singapore, Mumbai, Sydney, and Sao Paulo.
The news came on the back of Ripple’s investment arm Xpring purchasing Logos Network. On Friday, the company revealed that the move brought nine engineers to the Xpring team that will build XRP-related decentralized (DeFi) products.
XRP enthusiast are extremely excited as XRP research Center wrote on Twitter,
“Sit down and let this sink in. Ripple acquisition of Logos Networks and Algrim imply the acquisition of 2 engineering teams (15 engineers), who are going to be *full-time* dedicated to the development and adoption of XRP.”
The news had XRP price surging by 8.27 percent while trading at $0.258.