TMX Group, a Canadian financial services company that operates market exchanges including the Toronto Stock Exchange, and Paycase Financial, a value network and trustware provider for decentralized financial services, on Thursday announced the first public cryptocurrency brokerage desk by a major exchange. The new brokerage service, Shorcan Digital Currency Network (Shorcan DCN), will first focus on bitcoin and ether. Full services will be available in Q2 2018.
“We are thrilled about this partnership between Paycase Financial and the TMX,” said Paycase Financial CEO and OECD Think Tank Special Advisor Joseph Weinberg, in a statement. “As the first-ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class. It signifies what a flourishing startup community and a set of large institutions can do when they collaborate and work together to build the financial world of the future. Canada’s tight, cohesive startup scene, institutions and regulatory environment is a model for the world stage. And most importantly, it demonstrates that Canada is open for business.
“Secondly, it shows how bitcoin and its counterparts are the bedrock of what markets, economies and the financial world in the not-too-distant future. This step further solidifies cryptoassets’ place in the modern economy.”
Paycase’s partnership with TMX solves a major problem in the blockchain ecosystem, according to companies’ statement. It bridges the crypto world and the traditional financial markets, with more to come promised from the collaborative and tight-knit Canadian community.
Alongside the establishment of brokerage services, the partners plan to create proprietary-based cryptocurrency benchmarks based on consolidated data from the world’s leading crypto exchanges as well as over-the-counter (OTC) brokered volume.
“We are excited to enter into this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit,” said Peter Conroy, President of Shorcan. “We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success.”
For more information, please visit shorcandcn.com
For more information on Paycase, please visit paycasefinancial.com