Swiss InCore Bank integrates AlgoTrader’s digital asset order and execution management platform WIRESWARM to provide its institutional-grade crypto and digital asset trading for its banking clients around the clock.
What InCore Bank Does?
Founded in 2007, InCore Bank is a B2B transaction bank, providing banks, securities dealers, asset managers and fintechs first-class transaction banking and outsourcing services.
As a Swiss corporation with a banking and securities firm license, InCore Bank offers a comprehensive and modular range of services covering transaction banking for traditional and digital assets, business process outsourcing, tailor-made white-label investment products and other services. This offering enables market participants to reduce complexity and focus on their core business.
What AlgoTrader Does?
AlgoTrader provides institutional trading technology for digital assets that covers the entire trade lifecycle from pre-trade risk checks to order generation, automated settlement and custody reconciliation – offering best-in-class infrastructure for financial institutions.
By supporting direct market access, seamless custody and core banking integration as well as full trade lifecycle automation, the AlgoTrader platform streamlines digital assets trading. Developed by a team of trading system veterans and crypto asset experts, AlgoTrader offers integrated infrastructure solutions that meet the highest institutional needs.
Fully automated 24/7 crypto banking
AlgoTrader and InCore Bank new partnership is focused on broadening access to the digital asset markets for banks and institutions. The partnership provides InCore Bank’s outsourcing and transaction banking clients with seamless access to the advanced order and execution management platform WIRESWARM – the flagship product of AlgoTrader.
As part of the initial scope of the collaboration, InCore Bank integrated AlgoTrader’s digital asset trading platform into its existing infrastructure. A growing number of banks and institutional clients already using InCore Bank’s brokerage and custody services for digital assets now benefit from a fully automated 24/7 execution service for a broad number of cryptocurrencies and tokens.
The service is seamlessly integrated into the core banking solution of Finnova and into online banking applications, paired with near-real-time rates and valuations. As a further step in the implementation of its strategy, InCore Bank will offer at a later stage direct market access for banks, asset managers and UHNWI in combination with its banking-grade Swiss custody service.
Best execution and deeper liquidity
InCore Bank is now capable of establishing automated execution across a range of liquidity venues, including exchanges, brokers and OTC desks, using advanced trade execution strategies. This enables InCore Bank’s clients to benefit from best price execution for every trade. Furthermore, trading via WIRESWARM also offers a larger variety of instruments, giving clients access to a broader range of assets. This fits InCore Bank’s strategy to offer tokenized assets to institutional clients by using the Tezos and Ethereum blockchain.
AlgoTrader founder and CEO Andy Flury said:
“2021 was a record growth year for cryptocurrencies as institutional interest in crypto and digital assets surged. As such, the collaboration between AlgoTrader and InCore Bank aims to serve the continuously increasing demand while attracting more participants from the banking sector to the digital asset space. We also look forward to exploring ways of supporting emerging digital asset classes, such as tokenized real-world assets, in the future.”
Making digital assets accessible for institutional clients
Commenting on the partnership, InCore Bank CEO Mark Dambacher said:
“We are delighted to enhance our existing digital asset offering thanks to this cooperation with AlgoTrader. InCore Bank clients now have 24/7 access to deeply liquid global cryptocurrency markets through a range of venues, providing faster trading and settlement and supporting a wider range of assets. By making blockchain and cryptocurrencies more accessible and attractive to banks, there’s vast opportunity for future growth.”