Ripple Acquires Crypto Trading Firm to Expand Into Iceland
Payments company Riple behind XRP has bought Icelandic crypto trading firm Algrim to expand its presence in the European market.
The parties did not disclose the terms of the deal, but it is known that a team of six developers will form the basis of a new engineering cell, joining the London division..
The acquisition will play an important role in the development and promotion of XRP-based on-demand liquidity products for cross-border payments, Ripple said. Algrim Team will help American colleagues expand the scope of digital assets and blockchain technology.
Going forward, Riple plans to hire more specialists to open a separate office in Iceland.
The European market is attractive to foreign companies due to the progressive regulation and proliferation of digital assets. For example, last week the Stuttgart Stock Exchange started trading cryptocurrency.
text: Ivan Malichenko, photo: i1.wp
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