Ripple acquires crypto exchange Algrim to target the European space

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Ripple, one of the fastest growing companies in the crypto space, has announced the purchase of Algrim, a crypto exchange based in Iceland. Most analysts in the market have seen this acquisition as an important step ahead into reaching the European region.
Ripple has become known in the industry as a major blockchain-based solutions provider that focuses on cross-border payment products that have been specially designed to help banking players and financial institutions to enhance their traditional systems.
The acquisition of Algrim comes soon after the purchase of Logos, a startup developing payment solutions focused on speed and scalability. With this new move, Ripple has managed to increase its Xpring engineering team that will continue to explore the development of a decentralized financial system based on its native XRP cryptocurrency.
The Algrim team based in Iceland will play a key part in developing the cross-border payment system and bringing more XRP liquidity into the Ripple ecosystem.
Ripple has chosen the small island not only for its proximity to both Europe and North America, but because the local authorities created an attractive framework for blockchain-based businesses. At the same time, the small island proved to be a great hub of local crypto talents that can help Ripple extend its operations into the European space and of course the Nordic region.
Ripple showcased a major role in promoting and spreading blockchain technology and its benefits into the banking system signing a large number of financial institutions from all over the world and actually proving the benefits of blockchain: security, low fees and increased speed of transactions.
For the same reasons, Ripple is considered by Bitcoin maximalists as a company that betrayed the principles of crypto by helping banks, which are seen as the opponents of financial freedom.
Businesswise, Ripple is looking to improve its presence in Europe after several years spent in the Asian-Pacific region. At the moment, Ripple works with more than 200 financial companies from all over the world assisting them with reliable cross-border payment services that are part of its ecosystem.

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