Swiss fintech firm AlgoTrader secures $3.8M in Series A round
Fri, 10 Jan 2020, 06:53 am UTC
AlgoTrader, a Switzerland-based capital and cryptocurrency markets technology provider, has raised CHF 3.7 million (approximately $3.8 million) in a Series A round led by an undisclosed global Tier 1 bank.
The round also saw participation from investiere, BlockChain Valley Ventures and the seed-round investor NeueCapital.
AlgoTrader said that the funding will help it to continue “its growth and expansion to strengthen the financial hub and the digital asset ecosystem of both Switzerland and other countries together with its network of strong partners, for both traditional and crypto finance.”
Founded in 2014 by Andy Flury, AlgoTrader is 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. It claims to be the very first and most advanced algorithmic trading software product to allow automated trading of Bitcoin and other crypto assets.
“Since our inception, AlgoTrader has built one of the world’s most powerful quantitative trading and trade execution platforms on the market. We are excited about the trust of our investors to receive this new round of capital and build upon our leadership in five key areas: vision, product, customer support, partnerships with a team of industry experts.”, says Andy Flury, CEO & Chairman of the Board of Directors of AlgoTrader.
Luzius Meisser, Member of the Expert Council of Swiss Blockchain Federation Board Member AlgoTrader, Board Member at Bitcoin Suisse and Founder of Meisser Economics, revealed that the Swiss parliament is soon going to vote on a set of laws that would put the country ahead of its global counterparts in the area of the issuance of crypto securities.
“AlgoTrader is well-positioned to benefit from this development as it provides the essential building blocks for traders to tap not only into traditional markets, but also into the emerging world of decentralized, blockchain-based finance,” Messier added.
AlgoTrader also announced the appointment of Roger Altorfer to its Board of Directors. Altorfer is member of the Executive Committee of Microsoft Switzerland and is leading the Customer Success Organisation. Altorfer’s addition completes the board, the company said.
In September, AlgoTrader teamed up with Swiss fintech firm Avaloq to create a global digital asset management ecosystem. The objective was to prepare banks and other financial institutions for the coming paradigm shift for cryptocurrency custody and trading.
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