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Ripple Acquires Crypto Trading Firm Algrim To Expand Operations To Iceland

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Enterprise blockchain solutions provider Ripple has further expanded its presence in Europe with the acqui-hiring of Icelandic crypto trading firm Algrim. This acquisition and opening of the Iceland office will accelerate Ripple's global reach.

The deal will also add Algrim's engineering talent to Ripple's team and will play an important role in the ongoing development of Ripple's On-Demand Liquidity (ODL) product which utilizes XRP for production cross-border payments.

Iceland will serve as one of Ripple's engineering hubs with plans to bring on more technical talent in the region. This is reportedly the second European base for Ripple after London, which was opened in May 2016. It already has global offices in San Francisco, New York, London, Sydney, Sao Paulo, and Singapore.

Ripple will operate from Algrim's headquarters near Reykjavik in Iceland, which will act as a mid-point between its offices in the U.S. and London for running the European operations.

The acquisition of Algrim is Ripple's second engineering talent acquisition in one week after it bought the New York-based DLT-powered payments platform Logos Network, adding eight engineers to the Xpring team to lead the charge in exploring solutions for a decentralized finance (DeFi) system built on XRP.

Xpring, Ripple's investment arm, helps innovative blockchain projects grow through partnerships and investment and builds the best crypto infrastructure to grow Ripple's XRP ecosystem.

Ripple provides enterprise blockchain solutions for cross-border payments to enable financial institutions to leverage digital assets for highly efficient cross-border payments.

In 2019, Ripple has already signed up with several of the world's largest financial institutions such as MoneyGram, Xendpay and Mercury FX, for using its global payments network, RippleNet.

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