Algrim Acquisition from Ripple
Ripple, one of the largest cryptocurrency exchanges operational today, revealed that they’d acquired Algrim. Algrim is an Icelandic-established digital currency trading firm that has considerable popularity in Iceland, which is shocking because of the team is comprised of six individuals. Ripple will now expand their services, in correlation with Algrim’s model, to gain a stronger foothold in the Iceland market. Algrim’s six employees will work with Ripple’s San Francisco Headquarters, providing their development services towards On-Demand Liquidity. This liquidity applies to XRP Tokens that will be enabled for cross-border transactions.
The Senior Vice President of Engineering for Ripple, Christopher Kanaan, was asked to speak about the acquisition. He stated: “With built-in expertise in trading exchanges maintained by Algrim. The addition of Algrim’s engineering talent to our team will be instrumental in continuing the momentum we’re already experiencing with OnDemand Liquidity. We have been committed to sourcing expert cryptocurrency firms with trading talent in key global markets. This was our goal since day one, and the acquisition of the Algrim engineering team is a successful example of doing just that.”
Ripple’s Acquisition Growth
This acquisition is a significant leap forward for Ripple, who officially has two hundred partners on their service RippleNet. The purchasing of Algrim also came with the announcement that RippleNet will have their headquarters based out of Iceland. Right now Ripple manages offices in London, New York, Mumbai, Singapore, Sydney and Sao Paulo. This international digital exchange mentioned in their announcement that Algrim managed to integrate their services into thirty markets. This is a substantial goal to accomplish in two years with six employees.
Ripple, as mentioned above, has a significant history with investing in new firms. Last year the exchange made international headlines when they invested $30 Million into one of their competitors, MoneyGram. Shortly afterwards, many news sources were indicating that the investment group at Ripple spent more than $500 Million investing in digital currency projects. The acquisition of Algrim came one week after Ripple announced that they’d purchase Logos, bring their eight employees onto the San Francisco team.
The Chief Executive for Algrim, DadiArmannsson, also spoke on the acquisition. 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.”