Ripple expansion plans are everywhere, and Ripple Foundation the creator of XRP has recently acquired Algrim.
The exchange and trading firm for cryptocurrencies, Algrim is based in Iceland. Although small, the company’s team will allow Ripple to expand its European operations in Iceland.
Ripple expansion plan continues its streak
Ripple Foundation has been luring various firms to achieve a stronger foothold across the borders.
Algrim is a six (6) person company, that is going to be a crucial part of the On-Demand Liquidity (ODL) product owned by Ripple.
The Senior Vice President (SVP) of Engineering at Ripple, Christopher Kanaan has explained that Algrim’s command over trade, exchanges, and engineering will be very beneficial for an effective continuation of ODL.
The foundation has also added eight (8) engineers to the company’s Xpring team in order to achieve better results in the Ripple expansion plan.
Kanaan stated that the company aims to gather talent from around the world, he added that the addition of the Icelandic trading firm supports Ripple’s intent of acqui-hiring.
The trading platform offered by Algrim has been developed by the company for two years now. The Icelandic firm has successfully integrated the platform in more than thirty (30) markets, while the company has been actively developing numerous digital exchanges and conventional trading platforms.
In 2017, Algrim switched to crypto-assets after it lost possession of six hundred (600) mining devices, which were worth hundreds of thousands of dollars.
Ripple aims to make use of Algrim’s location and its team’s abilities. With its foothold in various cities over the globe, this acquisition will help Ripple expand its network in the European markets.
As of September 30, this news has caused the XRP token to experience an increase amounting to a little short of eight percent (7.7%). Although, it is unsure if this announcement concerning Ripple’s expansion will have a prolonged influence over the cryptocurrency’s price.