San Francisco-based fintech firm Ripple is expanding its operations in Europe following its acquisition of Algrim, an Icelandic crypto trading platform.
Six engineers from Algrim will be joining Ripple, according to an announcement published on the company’s official website. Ripple’s VP of product development Amir Sarhangi says,
“This team hits the ground running as opposed to building out a team that has to gain this knowledge.”
The company’s SVP of engineering Christopher Kanaan notes,
“With built-in expertise in trading and exchanges, the addition of Algrim’s engineering talent to our team will be instrumental in continuing the momentum we’re already experiencing with On-Demand Liquidity.”
The team of engineers will be playing an important role in building Ripple’s on-demand liquidity product, which is designed to utilize XRP to help financial institutions and businesses move capital around the world without having to pre-funded accounts in destination currencies.
“RippleNet provides an alternative. While any financial institution on the network enjoys reliable, instant and lower-cost transactions, those who use the digital asset XRP to source liquidity can do so in seconds—freeing up capital and guaranteeing the most competitive rates available today.”
Iceland, where Algrim is based, will become one of Ripple’s main engineering hubs. The nation joins London as another European center for the San Francisco-based fintech company.
Algrim has added over 30 different markets into its cryptocurrency trading platform. The firm’s engineers have more than a decade of experience working with different trading technologies, the announcement states.