Ripple Expands Into Iceland With Acquisition of Crypto Trading Firm

Ripple is expanding its engineering team and moving into a new geography with the acquisition of Iceland-based crypto trading firm Algrim.

The Algrim team will add six engineers to Ripple's ranks, with a focus on integrations with partner crypto exchanges.

The team will work to expand Ripple's cross-border payment corridors and contribute to the ongoing development of the company's on-demand liquidity product, said Amir Sarhangi, Ripple's vice president of products.

Ripple did not disclose the financial terms of the acquisition.

"This team hits the ground running as opposed to building out a team that has to gain this knowledge."

On-demand liquidity through Ripple's xRapid cross-border payment service allows companies to transfer funds from one currency to XRP and from XRP to another currency.

Ripple says it has more than a dozen customers using XRP for cross-border transactions.

Prior to the acquisition, Algrim developed a crypto trading platform that the firm integrated with more than 30 markets.

The team built traditional trading platforms and foreign exchange trading algorithms for more than a decade.

The news follows Ripple's announcement on Friday that its investment arm, Xpring, had purchased Logos Network.