In the space of one week, Ripple Inc, an American technology company which develops the Ripple payment protocol and exchange network acquires two establishments in a quest to foster its growth. Firstly, they announced the acquisition of a startup developing a turnkey payment solution, Logos some few days back.
Today, September 30th, 2019, Ripple has made another acquisition, Algrim in Iceland. The company believes this move will further expand the presence of the company and its products in Europe.
Ripple Acqui-hires Algrim
Ripple welcomes Algrim in an announcement via their official blog today, September 30th, 2019. From the report, it’s clear that Ripple made this acquisition to gain a foothold in Europe.
Algrim is a cryptocurrency trading firm in Iceland led by Dadi Armannsson. Algrim has a functional cryptocurrency trading platform, integrating over 30 markets presently. As stated in the announcement, the Icelandic company will “play an integral role in the ongoing development of Ripple’s On-Demand Liquidity (ODL) product which utilizes XRP for production cross-border payments.”
Ripple isn’t only acquiring Algrim’s products/services, it’s also retaining its pool of talents which is believed will help move Ripple to its goal.
Commenting on why Algrim agreed to join Ripple, it’s CEO, Dadi Armannsson had this to say;
“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.” Furthering his comment, Mr Armannsson said, “We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple.”
Ripple, Going Global
Ripple prides itself as “the only company in the blockchain payments space that has a real use case and real customers.” Its most significant partnership this year would be the MoneyGram partnership.
Though these partnerships and acquisitions may hit the community as a shock, it has been foretold. According to a report by ZyCrypto on August 12th, 2019, Ripple’s CEO, Brad Garlinghouse had hinted about things to come.
It was reported that the CEO was taking part in discussions that could lead to lots of acquisitions at the time. All these, he says, was to accelerate Ripple’s growth, but more importantly, serve its customers growing needs.