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  • The company is also expanding its engineering team with its acqui-hire of Icelandic crypto trading firm, Algrim.
  • Algrim has spent over a decade building traditional trading platforms and foreign exchange trading algorithms.

Ripple is launching its operations in Iceland to widen its reach in Europe. The company is also expanding its engineering team with its acqui-hire of Icelandic crypto trading firm, Algrim. Ripple also announced its acquisition of Logos, adding eight engineers to the Xpring team. The team will focus on exploring solutions for a decentralized finance (DeFi) system built on XRP. Both team acquisitions indicate Ripple’s strong market momentum and aim of attracting and developing the best in engineering talent.  

The Algrim team will contribute to the ongoing development of the Ripple’s On-Demand Liquidity (ODL) product. They will utilize XRP for production cross-border payments. Iceland will be the center for Ripple’s engineering hubs with plans to bring on more technical talent in the region. Christopher Kanaan, SVP of Engineering, said:

“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. We’ve been committed to sourcing expert crypto and trading talent in key global markets since day one, and the acquisition of the Algrim engineering team is a successful example of doing just that.”

The former Algrim team, under the leadership of seasoned industry executive Dadi Armannsson, will help Ripple in building trading platforms. Algrim has spent over a decade building traditional trading platforms and foreign exchange trading algorithms.

Algrim CEO Dadi Armannsson said:

“The decision to join the Ripple team was a natural fit “” 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. We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple.”