Cross-border payments focused startup, Ripple announced today, that it had acquired an Iceland-based trading company, Algrim for an undisclosed fee.
The acquisition of Algrim which invariably continues Ripple’s ongoing global expansion would specifically help to boost the development of the firm’s On-Demand Liquidity (ODL), a service that allows RippleNet customers to use the XRP token as a bridge between two currencies in three seconds.
Commenting on the development, Christopher Kanaan, Ripple’s SVP of Engineering, said:
“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.”
Ripple meanwhile also plans to utilize Algrim’s dominance in the Northern Europe demographic as one of its engineering hubs, with further arrangements to bring onboard more technical staff within the region.
Also reacting to the development, Algrim CEO, Dadi Armannsson suggested it was only natural for them to join Ripple. He said:
“The decision to join the Ripple team was a natural fit — 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.”
He further added that before the acquisition, Algrim had been a massive supporter of Ripple’s project, and now look forward to building the future of the payment network.
Ripple’s Expansion Continues
In what could be considered as an acquisition streak, the news is coming just a week after Ripple acquired an engineering-focused firm Logos engineering team to join the Xpring team. The Logos team will as part of that deal work with Ripple’s Xpring team to explore better solutions for a decentralized finance (DeFi) system built on XRP.
Since Ripple’s inception, the firm has recorded a massive milestone by allying with strategic partners who would, in turn, use RippleNet for their transactions.
In June, the firm also partnered with MoneyGram in a $50 million deal, that would see MoneyGram utilize Ripple’s products, including the XRP token in its day-to-day operation.