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Ripple Expanded to Iceland with the Acquisition of Algrim Crypto Firm

By Tracy Hannes | October 2, 2019

Ripple has successfully expanded its reach to new a new region, this time with the acquisition of Algrim – an Iceland-headquartered crypto exchange platform, as revealed on September 30. 

Specifically, the acquisition will result in the onboarding of 6 additional developers to Ripple’s team. The new members will be tasked with a major responsibility in its On-Demand Liquidity (ODL) program.

According to the blog post, Iceland will from this day onward, function as a hub particularly for Ripple’s engineering, following the establishment of its first Europe-based hub – London

“This team hits the ground running as opposed to building out a team that has to gain this knowledge.” Amir Sarhangi, Ripple’s vice president of products, remarked regarding the announcement. 

A total of 30 markets has been added to the current system of Algrim for the last 24 months. Consequently, the pool of developers, which possess the 10 years worth expertise, has become a part of Ripple. 

“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 CEO, Dadi Armannsson, explained how the initiative to become one with Ripple is a natural step. 

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