Algorithmic trading software AlgoTrader and core banking software developer Avaloq have teamed up to build a global digital asset management ecosystem.
The goal of the environment is to enable banks and other financial intermediaries become prepared for a shift for crypto custody and trading.
According to the companies, financial institutions are seeking a solution which can merge with their existing front-to-back office workflows. While financial intermediaries, like banks and wealth managers, want a purpose-build solution which can adapt to evolving tokenized securities and digital assets.
AlgoTrader is an institutional-grade algorithmic trading software for conducting quantitative research, trading strategy development, strategy backtesting and automated trading for traditional securities and digital assets. Its technology offers automated trading of Bitcoin and other crypto assets.
As part of the deal, AlgoTrader will be available on Avaloq’s FinTech marketplace. Banking and wealth management clients of Avaloq can leverage the solution to automate crypto trading and access all major crypto exchanges through a robust FIX API.
Avaloq chief product officer Martin Greweldinger said, “The partnership with AlgoTrader is another important element in our growing ecosystem avaloq.one. Their capabilities enable our clients to gain access to multiple exchanges and brokers for crypto trading in order to get the best execution price.
“Partnering with a firm like AlgoTrader through our ecosystem is a key part of Avaloq’s strategy. We strongly believe in a collaborative ecosystem which allows our clients the seamless integration of leading FinTechs and RegTechs into their banking landscape through our avaloq.one platform.”
Earlier in the year, AlgoTrader was listed in the inaugural WealthTech 100, a list of the companies every leader in the wealth and asset management industry should know about in 2019.
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