Posted 2 years ago | by Ben Armstrong

Ripple Continues Acquisition Streak, Expands European Operations to Iceland

On September 30th, Ripple, the leading company in enterprise blockchain solutions for cross-border payments, launched operations in Iceland.

The company acquired the Icelandic crypto trading firm Algrim, and therefore, the announcement demonstrates the company’s intention to expand further its presence in Europe. As with any acquisition, the company welcomed a new team of engineers.

The acquisition of the Icelandic firm demonstrates Ripple’s recent business practices, as the company also bought Logos and added eight new engineers to the Xpring team.

Ripple Moves into New Markets

These new hires will lead the research on solutions for a decentralized finance (DeFi) system built on XRP. Both acquisitions indicate Ripple’s strong market momentum and focus on attracting and developing the best in engineering talent.

The new Icelandic team will play an integral role in the ongoing development of Ripple’s On Demand Liquidity (ODL) product which uses XRP for cross-border payments.

Iceland will serve as one of Ripple’s engineering hubs with plans to attract more technical talent in the region. Christopher Kanaan, SVP of Engineering, sung the praises of the Algrim’s engineering talent, noting that it will be instrumental in continuing the On Demand Liquidity momentum.

A Solid Team

Led by seasoned industry executive Dadi Armannsson, the former Algrim team will bring more than a decade’s worth of experience to building trading platforms, foreign exchange trading algorithims and crypto development, integrating them into over thirty markets.

According to Armannsson:

“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.”

Opening up Opportunities

Ripple is the only company in the blockchain payments space that has real use and real customers. It enables financial institutions to leverage digital assets for highly efficient cross-border payments.

This year alone, the company has signed on several of the world’s largest financial institutions—such as MoneyGram—to its global payments network, RippleNet. To keep up with strong customer demand and market opportunity, Ripple is rapidly expanding its team on a global scale.

This acquisition of the Iceland company 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.

About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Ripple Expands Acquisition to IcelandBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.