California-based fintech startup Ripple hopes to step up operations in Europe with the acquisition of Icelandic crypto trading firm Algrim.
Ripple continues its acquisition streak, and launches operations in Iceland. Welcome to the family, Algrim! https://t.co/suIyB4PVs4
– Ripple (@Ripple) September 30, 2019
Ripple representatives emphasized that Algrim will play a key role in developing products that provide on-demand liquidity. These products are intended for cross-border payments and are based on the XRP token, which has long occupied the third line of CoinMarketCap.
The company believes that Iceland will become one of the most important development centers contributing to the development of the RippleNet network. Also, representatives of a California startup promised to attract more technical specialists to the new office.
Information about the transaction amount is not disclosed.
Recall that through the acquisition of the Logos Network platform, Ripple intends to develop a line of DeFi products using the XRP token.
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