Blockchain-powered money-transfer company Ripple has acquired Icelandic Algrim, the asset trading enterprise.
The acqui-hire will see a team of six engineers from Algrim join Ripple, according to the company’s own blog. The news comes just days after Ripple acquired Xpring, the blockchain infrastructure company.
The new team from Algrim are expected to play an integral role in the development of Ripple’s On-Demand Liquidity product.
“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,” said Christopher Kanaan, senior vice president of engineering at Ripple. “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.”
Dadi Armannsson, CEO of Algrim, added, “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.”
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