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Blockchain Technology

Icelandic crypto-trading company, Algrim, joins Ripple

Aakash Athawasya

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The Brad Garlinghouse-led firm is on an expansion spree lately as it continues hiring teams on a global scale.

This week marked the second engineering talent acquisition with the Algrim deal.
The official release went on to state that the acquisitions of the Logos platform and Algrim point to,

‘Ripple’s strong market momentum and focus on attracting and developing the best in engineering talent’.

The Algrim deal is the newest addition to blockchain giant, Ripple’s family. According to the official release Ripple launched operations in Iceland to further expand its foothold in Europe and to acquire Icelandic crypto trading firm, Algrim.

An official tweet posted on the 30th of September read:

“Ripple continues its acquisition streak, and launches operations in Iceland. Welcome to the family, Algrim!”

The price of the deal, however, remained undisclosed.

With Algrim under its hood, Ripple will leverage its presence in the Norther Europe demographic. The blog stated,

“Iceland will serve as one of Ripple’s engineering hubs with plans to bring on more technical talent in the region.”

The latest Icelandic venture is expected to bolster ongoing development of Ripple’s On-Demand Liquidity [ODL] product. RippleNet, the blockchain firm’s product utilizes digital asset XRP as the bridge currency in the payment flow and offers service known as On-Demand Liquidity.

RippleNet has been touted as an alternative to the costly endeavours tied up with traditional international payment settlements that require individuals and businesses to hold pre-funded accounts in destination currencies. 

Addressing the expansion, Christopher Kanaan, SVP of Engineering commented:

“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,”

Commenting on joining Ripple, Dadi Armannsson, the CEO of Algrim said:

“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”

Aakash is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in Finance and Economics, his writing is centered around regulation and institutional investment within the cryptocurrency space. He is also an aspiring triathlete.

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Blockchain Technology

Singapore’s central bank to develop prototype for cross-border payments

Sahana Kiran

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Source: Unsplash

Monetary Authority of Singapore [MAS] recently revealed that it had collaborated with banking giant J.P. Morgan in order to develop a blockchain-based prototype.

J.P. Morgan has always been bullish toward blockchain tech and cryptocurrencies. The banking giant went on to launch its native digital currency, JPM.  Its latest partnership with MAS would allow payments of multiple currencies on one network. Investment company, Temasek Holdings, is also part of MAS’s latest venture.

Sopnendu Mohanty, Chief FinTech Officer at MAS stated that MAS is looking forward to building their network by connecting with several others. Mohanty further said,

“We hope this development will encourage other central banks to conduct similar trials, and we will make the technical specifications publicly accessible to accelerate these efforts. This will be a big step forward in making cross-border transactions faster, cheaper, and safer.”

In order to discover its capabilities to integrate with commercial banking applications, the prototype is currently undergoing industry testing. The applications that were successfully tested would be revealed at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.

Previously, MAS had introduced Project Ubin, which was established to look into Distributed Ledger Technology [DLT] primarily focusing on the authorization and settlement of payments and securities.  The latest prototype would drive the project into its fifth phase which would “determine the commercial viability and value of the blockchain-based payments network.”

The Global Head of Clearing and Interbank Information Network [IIN] at J.P. Morgan, John Hunter expressed his thoughts on the latest partnership and said,

“J.P. Morgan is excited to be an infrastructure partner of MAS and Temasek for Phase 5 of Project Ubin. By leveraging our key learnings from building the Interbank Information Network® (IIN) and the JPM Coin, J.P. Morgan is well-positioned to support the development of a blockchain-based payments network and operate at scale.”

Additionally, MAS revealed that Accenture would be publishing the project report in early 2020 with details pertaining to the several use cases of blockchain technology that would bolster payment networks.

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