As part of its efforts to spread its services, Ripple has now expanded the company into Iceland, with the acquisition of Algrim, a crypto trading firm. According to an official Ripple blog post, this new acquisition is an expansion of the company’s engineering team.
Ripple has announced that the deal will see the addition of about six new engineers to Ripple, all of whom will “play an integral role” in the company’s On-Demand Liquidity (ODL) program. The deal also means that the Algrim base in Iceland will now be yet another Ripple’s engineering hubs.
Ripple’s SVP of Engineering, Christopher Kanaan, has highlighted the acquisition as part of the company’s efforts to support industry talents. According to Kanaan:
“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.”
The On-Demand Liquidity program is used by Ripple’s xRapid, to facilitate cross-border payments from fiat to XRP and then back to a different fiat in the receiving country. This easily lets the companies who need it, continue their cross-border transactions without the need for them to have a bank account in the receiving country.
Ripple continues to drive XRP and crypto adoption and constantly welcomes new institutions to join RippleNet.
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