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Two Swiss fintech firms – Avaloq and AlgoTrader – are teaming up to create a global digital asset management ecosystem.
Founded in 2014, AlgoTrader is a provider of an institutional-grade algorithmic trading software solution for conducting quantitative research, trading strategy development, strategy back-testing and automated trading for both traditional securities and crypto assets. The company claims to be the very first and most advanced algorithmic trading software product to allow automated trading of Bitcoin and other crypto assets.
According to a press release, Avaloq and AlgoTrader are teaming up in order to prepare banks and other financial institutions for the coming paradigm shift for cryptocurrency custody and trading.
As cryptocurrencies continue to expand their reach, financial intermediaries, such as banks and wealth managers, are seeking purpose-built and flexible solutions that can easily adapt to the rapidly evolving tokenized securities and digital asset industry.
Under the partnership, AlgoTrader’s trading and execution infrastructure will be made available on the avaloq.one fintech marketplace – a recently launched platform which allows banks to search, evaluate, select and integrate fintech solutions that will improve their capabilities and offerings.
With this, Avaloq’s banking and wealth management clients would be able to better manage their automated crypto trading and to get access to all major crypto exchanges through a robust FIX API.
“The partnership with AlgoTrader is another important element in our growing ecosystem avaloq.one,” Martin Greweldinger, Chief Product Officer at Avaloq, said. “Their capabilities enable our clients to gain access to multiple exchanges and brokers for crypto trading in order to get the best execution price.”
Commenting on the partnership, Andy Flury, CEO & Founder of AlgoTrader AG, said:
“With its 158 global clients Avaloq is a key player in today’s banking sector and we are very happy to partner with Avaloq for an end-to-end digital asset trading platform. Together, we will lay the groundwork for the next level of evolution in the fintech sector leading to an all DLT/blockchain based banking landscape.”
Last December, the Swiss branch of Russian banking giant Gazprombank teamed up with Avaloq and Metaco to build a fully integrated solution which will allow the management of client portfolios across all asset classes including cryptocurrencies.
