Ripple is expanding its team geographically. It has thus acquired an Icelandic crypto trading firm Algrim which will provide a better service to customers of its RippleNet product suite.
The Algrim team will add six engineers to Ripple’s ranks. It will thus focus on integrations with partner crypto exchanges. The team will work to expand Ripple’s cross-border payment corridors and contribute to the ongoing development of the company’s on-demand liquidity product. Ripple did not disclose the sale price of the acquisition. This is the first purchase of the company in Iceland. Currently, Ripple is physically present in San Francisco, New York, London, Mumbai, Singapore, São Paulo, and Sydney.
For its part, Ripple will use the acquisition for cementing its presence in Northern Europe. It will thus take over Algrim’s HQ near Reykjavik. This will provide a halfway point between its US and London bases. Also, it will secure access to Iceland’s small and tech smart pool. Ripple’s xRapid cross-border payment service will let companies transfer funds from one currency to XRP and from XRP to another currency. The enterprises can thus avoid opening a bank account in countries they want to send payments to, letting them avoid holding funds there for cross-border transactions.
The acquisition and opening of an office in Iceland will help expand Ripple’s global reach. Also, it will bring on strategic partners and financial institutions to RippleNet as per the source.