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Ripple Labs Inc has made a little-known but significant acquisition – Iceland-based of Algrim, which is a cryptocurrency trading firm with small but mighty talent pool.
The six-person cryptocurrency firm which has been around for about a decade gives Ripple Labs a foothold in the crypto-friendly country of Iceland which though smaller than 500,000 people (around 340,000) has been at the center of the crypto space for many reasons one of them being access to cheap electricity.
With its crypto-exchange platform connected to more than 30 financial markets, Algrim will give Ripple labs direct access to liquidity which can be available on-demand as the human resources of the startup are set to join the Xpring development team.
Sources indicate that although the talent pool is smaller than most acquisitions of this nature, the amount of innovation that Algrim is bringing to the table may be crucial to the expansion of Ripplenet and its many products. Amir Sarhangi, who is Ripple Lab’s Vice President of products said in a statement:
“This team hits the ground running as opposed to building out a team that has to gain this knowledge.”
This, of course, gives credence to the innovative push that Ripple has been involved in by having made major moves in expanding its services on Ripplenet this year. With the allowance for xRapid to be able to offer on-demand cross-border settlements in real-time.
Christopher Kanaan, SVP of Engineering at Ripple said:
“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.”
Furthermore, Algrim CEO Dadi Armannsson 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.”
This also follows Ripple Labs’ recent announcement on the acquisition of decentralized finance company Logos which was made by Xpring.
Ripple Plays in the Financial Big Leagues
With over 200 partners on Ripplenet which include heavyweights such as Xendpay, Moneygram, HSBC owned Saudi-British bank, Ahli Bank of Kuwait to name a few, XRP has been the one cryptocurrency that the finance world considered to be more of a junior brother than of a direct competitor.
This hasn’t however reflected in the price of its token XRP. With prices hovering around $0.2 to $0.35 for the greater part of two years many have speculated that XRP might just be another cryptocurrency “white elephant” project which will add no value to the fintech space.
The reverse is the case however as Ripple Labs is set to fundamentally change the way we see asset transfers and settlement systems. Based on the innovative Ripple Protocol Consensus Algorithm, the Ripplenet has proven to work in realtime without hitch.
The singular issue that affects the Ripplenet however, is if people will accept knowledge of transfers to be made available across all nodes participating in the network. This is one problem that the developers at Ripple Labs will have to sort out.
For now, though, all participants seem okay with this arrangement as consensus provides near-zero error and prevents the possibility of double entries unto the Ripplenet ledger.