- Ripple hopes to increase on-demand liquidity product for its cross-border payment corridors.
- The expansion into Iceland will allow Ripple to increase its presence in Europe.
Ripple is sidelining the negative pressure in the cryptocurrency market to expand its reach in Europe with the acquisition of Algrim, a crypto trading platform based in Ice-land. The team at Algrim is enriching Ripple’s engineering base with six more engineers who focus on integrations other exchange platforms.
Algrim engineering team will help push Ripple’s cross-border payment goals while improving Ripple’s on-demand liquidity product according to the vice president of products at Ripple Amir Sarhangi. However, the details regarding the have deals not been shared with the public.
Sarhangi said:
“It’s about expertise. This team hits the ground running as opposed to building out a team that has to gain this knowledge.”
The purchase marks Ripple’s initial expansion to Iceland. Besides the headquarters in San Francisco, Ripple has other physical offices in New York, Singapore, Sydney, Sao Paulo, and Mumbai.
Read also: Ripple price update: Tepid price action prevails within a flag pattern
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