Wealth technology company Avaloq is teaming up with Swiss trading platform AlgoTrader to build a digital asset management ecosystem.
This will enable banks and wealth managers to prepare for the expected rise in prominence of crypto custody and trading.
Mainstream financial services however are not generally well equipped to handle this, due to the challenge in incorporating the technology necessary for handling tokenised securities and digital assets into their legacy systems.
TOP 100 global wealthtech company AlgoTrader’s trading and execution software will be made available on avaloq.one, allowing Avaloq clients to manage trading of digital assets and enable access to all major crypto exchanges.
Avaloq chief product officer, Martin Greweldinger, calls the partnership “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 are very happy to partner with Avaloq for an end-to-end digital asset trading platform,” says Andy Flury, CEO of AlgoTrader.
“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.”
Earlier this year, AlgoTrader also teamed up with Swiss peers Metaco and Cysec in June to offer a crypto asset management ecosystem for financial institutions, managing storage as well as trading and execution.
Avaloq boasts 158 global clients and in June won the Private Banking London award for Oustanding Private Banking Technology Platform Offering.