Ripple acquires a new company to expand in Europe
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Answer Ripple acquires a new company to expand in Europe
Ripple announced the expansion of its engineering team and expansion into new regions in the European continent, through the acquisition of “Algrim”, a cryptocurrency exchange in Iceland.
The acquisition will add six Algrim team engineers to the Ripple team and enable both parties to benefit and integrate the expertise of their technical teams.
stated Mr. Amir Sarhangi, Vice President of Products at Ripple, will:
“The newly joined team will work to expand Ripple’s cross-border payment lanes and contribute to the continued development of the company’s on-demand liquidity product.”
Ripple did not disclose the financial terms of the acquisition.
Mr. Sarhangi added:
“The acquisition is related to the experience factor, as this team is doing well and we will benefit from it instead of building a new team and working to gain it this experience and knowledge.”
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Ripple’s acquisition of the Icelandic company is the first of its kind in this region, as Ripple already has a presence in several global cities, including: San Francisco, New York, London, Mumbai, Singapore, Sao Paulo and Sydney.
According to Sarhangi, the company wants to further expand its ability to recruit engineering talent while cramming into new geographies.
The xRapid cross-border payment service from Ripple allows companies to transfer funds from one currency to XRP, and from XRP to another currency.
Means for institutions reduce the process of opening a bank account in the countries to which you wish to send payments, This also allows it to avoid keeping money there for cross-border transactions.
Ripple says it has more than a dozen clients that use XRP for cross-border transactions.
It is reported that, prior to the acquisition, Algrim developed a cryptocurrency trading platform system, which was integrated into more than 30 trading platforms.
The news of the acquisition comes after a previous transaction in the same context where Logos Network was acquired by the investment arm of Ripple Xpring:
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