Ripple Acquires Algrim – Expands Operations To Iceland

Ripple Acquires Algrim – Expands Operations To Iceland

Ripple has been working extensively to expand the support for XRP across the globe. The recent announcement of acquiring Algrim in Iceland was directed at the same effort. Being a cryptocurrency trading firm, Algrim will enable XRP operations in Iceland.

Ripple is a blockchain company located in San-Francisco that is behind the third-largest cryptocurrency by market capitalization known as XRP. While the acquisition has been finalized with Algrim, Ripple has chosen to not make the financial terms of the agreement public.

Ripple’s Acquisition Of Algrim

Ripple has already set feet in various locations across the globe including its hometown San Francisco along with London, New York, Sao Paulo, Mumbai, Sydney, and Singapore. The acquisition of Algrim is a major move for the blockchain company to further expand its operations to Iceland.

It has further been reported that Ripple has plans of expanding its engineering team in order to ensure smooth operations across multiple locations throughout the world. Thanks to the xRapid payment service, Ripple has established a universal platform that enables users from different regions to convert their native currency to XRP and vice versa. Considering such liquidity on-demand, Ripple aims at resolving an unnecessary complication of having to open a foreign bank account for the sake of sending funds. As per Ripple’s claim, XRP is already being used by multiple customers for foreign payments.

According to the financial experts, the acquisition of Algrim is being regarded as a thought-out step as Algrim already had over thirty different markets integrated with its crypto trading platform. Moreover, it had an experience of more than ten years in developing Forex trading algorithms among a few others. Back in 2017, however, the firm took a huge blow because of the Big Bitcoin Heist.

Ripple’s Acquistion Of Logos Network

Only a few days earlier, Xpring, that manages all of the Ripple’s investments, had announced on Friday that another acquisition with Logos Network has been finalized. It was also highlighted that the acquisition is accompanied by nine new engineers joining the team. The aim of the acquisition is to work diligently and dedicatedly on developing decentralized finance (DeFi) products that are related to XRP. The acquisition with Logos Network was again calculated since the company was already inspired by Bitcoin and was focused on designing a payment network with better efficiency, higher scalability, and enhanced security.

Multiple acquisitions over a relatively shorter period of time signify that Ripple means business. Its primary goal is to expand operations through different regions of the world and design innovative solutions that don’t only hold investment value but are also applicable for users from all over the world.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.

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