Altcoin News: Ripple Expands RippleNet to Iceland

September 30, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

American fintech company Ripple on Monday announced the launch of a new division in Iceland with the acquisition of the local crypto trading company Algrim. The division will expand the capabilities of the RippleNet payment network in Europe.

“The new Icelandic team 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. Iceland will serve as one of Ripple’s engineering hubs with plans to bring on more technical talent in the region,” the publication said.

On-demand liquidity service allows customers to transfer funds from one currency to XRP and from XRP to another. In this way, companies can avoid having to open bank accounts in the countries where they want to send the payment. According to Ripple, more than a dozen customers already use XRP cryptocurrency for cross-border transactions.

Together with the acquisition of Algrim, a team of six developers will move to Ripple to help the company integrate with affiliate crypto exchanges. Prior to this, Algrim managed to develop its own trading platform and connect it with more than 30 markets.

The company did not disclose information about the transaction amount.

Last week Ripple acquired Logos Network to leverage its resources in developing XRP-based decentralized financial products.

Author: Marko Vidrih