Algrim is an Icelandic crypto trading firm. Prior to the acquisition, Algrim developed a crypto trading platform that the firm integrated with more than 30 markets. Before that, the team built traditional trading platforms and foreign exchange trading algorithms for more than a decade”.
On September 30th, Ripple announced Algrim’s “acqui-hire”:
“The new Icelandic team will play an integral role in the ongoing development of Ripple’s On-Demand Liquidity (ODL) product which utilizes XRP for production cross-border payments. Iceland will serve as one of Ripple’s engineering hubs with plans to bring on more technical talent in the region.”
Ripple is rapidly expanding its team on a global scale in order to keep up with strong customer demand and market opportunity.
Christopher Kanaan, SVP of Engineering mentioned that:
“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.“
This acquisition and opening of the Iceland office will accelerate Ripple’s global reach, bringing on strategic partners and financial institutions to RippleNet. Ripple has over 200 customers signed on to RippleNet with over a dozen customers leveraging XRP in cross-border transactions.