The Brad Garlinghouse led Ripple has been in the news multiple times because of updates, developments and significant acquisitions and the latest news from the company’s roster has riled up the community. The organization’s latest tweet informed users about its most recent venture by stating:
“Ripple, the leader in enterprise blockchain solutions for cross-border payments, today launched operations in Iceland to further expand its presence in Europe. In addition, the company welcomes a new team of engineers with its acqui-hire of Icelandic crypto trading firm Algrim.”
This is the second acquisition conducted by Ripple in the span of a week with the previous Logos integrations making major news in the cryptocurrency industry. With the Algrim acquisition, Ripple plans to improve its cross border payments protocol focussing on a faster and a much more streamlined transfer process.
Algrim is set to play an integral role in the ongoing development of Ripple’s On-Demand Liquidity [ODL] product. The ODL will use Ripple’s native cryptocurrency XRP by keeping Iceland as one of Ripple’s major engineering hubs in the European region. Christopher Kanaan, the Senior Vice President of Engineering at Ripple, claimed:
“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 since day one, and the acquisition of the Algrim engineering team is a successful example of doing just that.”
Ripple is known for its penchant for tie-ups with other organizations, and Algrim’s addition will now be part of its 200 plus partners roster.
Algrim had become famous for developing a cryptocurrency trading platform that the company integrated into multiple markets. Ripple stated that Algrim’s involvement in the financial and cryptocurrency space for more than a decade would add value to the tie-up as well as in bettering the cross border transaction process.
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