Ripple, the company behind XRP, has just announced the acquisition of Algrim, an Iceland-based crypto trading company, in order to expand its services to Iceland.
Algrim will now act as the company's hub in Iceland, joining London as another European base.
The firm has integrated more than 30 markets into its platform over the last two years and will help Ripple by sharing the expertise of its engineers, which have been working in the crypto industry for more than 10 years.
Dadi Armannsson, Algrim CEO, has said:
"Both companies share a vision to enable widespread adoption of digital assets and blockchain technology, which aligns directly with what we’ve been working towards for the past several years."
Algrim's engineers will play an integral role in the development of Ripple's On-Demand Liquidity (ODL) program, based on the use of XRP for cross-border payments.
iHodl reported last week that Ripple had acquired a crypto startup to explore DeFi. According to the official announcement, the startup Logos will be joining Xpring, a Ripple's initiative, to expand the vision of building the Internet of Value.
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