Algrím was acquired by Ripple

Algrim, a Reykjavik, Iceland-based crypto trading firm, announced that it was acquired by Ripple, a global blockchain technology company that provides solutions to send money globally.

Financial details of the deal remained undisclosed. The transaction represents an acqui-hire of the Icelandic teal as Ripple, launched operations in Iceland to further expand its presence in Europe.

Algrim, founded in 2010 and led by CEO Dadi Armannsson, a 6-person engineering firm that has developed an international crypto-trading platform. The company is specialising in technology to power high frequency trading, foreign exchange and cryptocurrency trading. For the past two years, Algrim has developed its crypto trading platform integrating more than 30 markets. Before that, the team spent over a decade building traditional trading platforms and foreign exchange trading algorithms.