Ripple has moved into a new environment following the acquisition of Iceland-based crypto trading company Algrim, with the move also seeing Ripple expanding its engineering team.
The new business will add six engineers to Ripple’s team and will focus on integrations with partner cryptocurrency exchanges. The team will work to widen Ripple’s cross-border payment mediums and contribute to the continued development of the firm’s on-demand liquidity product, stated Amir Sarhangi, Ripple’s vice president of products.
Ripple did not reveal the financial terms of the deal.
“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.”
Algrim CEO, Dadi Armannsson, described the decision to join Ripple as a natural fit, adding:
“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.”
The acquisition also becomes Ripple’s first expansion into Iceland. The company has physical presence in London, New York, San Francisco, Singapore, Mumbai, Sydney and Sao Paulo. Sarhangi added that Ripple wants to increase its ability to hire engineering talent as it ventures into new markets of the world.
On-demand liquidity via Ripple’s xRapid cross-border payment service allows firms to transfer funds from one currency to XRP and vice versa.
As a result, enterprises can send money to foreign countries without necessarily opening a bank account in the recipient country, meaning they will avoid holding funds there for cross-border transactions. Ripple confirmed that it has over a dozen clients using XRP for cross-border payments.
Prior to the purchase, Algrim created a cryptocurrency trading platform that the company integrated with over 30 markets. Before that, the team developed conventional trading platforms and foreign exchange trading algorithms for over a decade. Algrim was reportedly one of the victims in Iceland’s “Big Bitcoin Heist” of late 2017.
The news comes after Ripple announced on Friday that its investment branch, Xpring, had bought Logos Network. That purchase saw nine engineers join the Xpring team with the aim of building XRP-related decentralized finance (DeFi) offerings.
Prior to joining Xpring, Logos was working to develop a payments network inspired by the bitcoin blockchain, with an eye on a scalable, fast network that still maintained excellent levels of security.