Coindesk reports that Ripple has acquired the Iceland-based crypto trading firm Algrim. The San Francisco-based firm is expanding its engineering team through this acquisition, and the Algrim team will bring six engineers to join Ripple.
Amir Sarhangi, Ripple’s vice president of products, explained that the team would work to expand Ripple’s cross-border payment corridors and contribute to the ongoing development of the company’s on-demand liquidity product. “It’s about expertise,” Sarhangi said. “This team hits the ground running as opposed to building out a team that has to gain this knowledge.”
Ripple already has a physical presence in San Francisco, New York, London, Mumbai, Singapore, São Paulo and Sydney, but now it can add Iceland to its list of locations. Sarhangi added that the company wants to expand its ability to hire engineering talent as it moves into new parts of the world.
Coindesk says, “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.” It also said that Algrim was reportedly among the victims in Iceland’s “Big Bitcoin Heist” of late-2017.
Only a few days before this announcement, Ripple revealed that its investment arm, Xpring, had purchased Logos Network. This acquisition brought nine new engineers to the Xpring team and they have the goal of building XRP-related decentralized finance (DeFi) products. Before joining Xpring, Logos was working to build a payments network inspired by the bitcoin blockchain, with a focus on a scalable, rapid network that still maintains high levels of security.
Ripple’s key focus is on its xRapid cross-border payment service that allows companies to transfer funds from one currency to XRP and from XRP to another currency. Ripple says it has more than a dozen companies using XRP for cross-border transactions.