Despite the recent price decline, there is still some good news about XRP’s parent company. The good news is that Ripple acquired crypto bought firm Algrim. Algrim is based in Iceland. The company will help Ripple to create its new product. The product will use XRP to complete transnational payments (On-Demand Liquidity). The crypto giant will cooperate with Algrim in Iceland to hire more engineers. Christopher Kanaan, who is in charge of Ripple’s engineering division, said:
“With its expertise in crypto trading and exchanges, adding Algrim’s engineering talent to Ripple’s team will be help us to continue with the momentum we have already enjoyed with On-Demand Liquidity. We are committed to sourcing expert talent in key global markets. The acquisition of Algrim’s team is an example of this.”
In the last few years, the crypto trading platform, Algrim has been working with 25 markets. The team at Algrim is vastly experienced in creating regular platforms and algorithms for trading in foreign exchanges.
Ripple’s Has Made a Few Acquisitions in Recent Months
Per an earlier report, Ripple has acquired the payment platform, Logos. By collaborating with Logos, Ripple is looking to create an Internet of Things (IoT). Ripple will use its XRP token for the new decentralized finance solutions Logos is currently working on. Previously, Ripple had signed up Shinhan South Korea’s second largest bank to RippleNet. By doing this the network has expanded its network of partners.