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.