Operator of Toronto Stock Exchange Announces Launch of Cryptocurrency Brokerage Platform

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In an enormous step in the direction of bringing cryptocurrencies to the mainsteam, Shorcan Digital Currency Network (Shorcan DCN) is teaming up with Toronto-based Paycase to launch a brokerage service for Bitcoin and Ethereum. Shorcan DCN is a wholly-owned subsidiary of TMX Group, the Canadian monetary providers firm recognized for working the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSX-V). The brokerage is set to launch mid-year.

TMX Group says the brokerage is designed to leverage Shorcan DCN’s background in offering brokerage providers with Paycase’s cryptocurrency knowledge aggregation platform for the betterment of digital forex integration with conventional markets. The announcement praises the potential worth of Paycase’s “established worldwide network of industry leaders and participants,” as the banking platform has been a big participant in the Canadian panorama for years.

John Lee, Managing Director, Enterprise Innovation & Product Development of TMX Group had the following to say relating to the deal:

“Shorcan DCN represents a significant step forward in the execution of TMX Group’s digital strategy. As new technologies continue to reshape the global financial industry, we continue to explore new ways to evolve our business to address client needs in both traditional and non-traditional markets.”

Shorcan Digital Currency Network and Paycase

Through establishing brokerage providers and furthering its present strategy to digital currencies, Shorcan DCN and Paycase acknowledged that the two corporations will create digital forex benchmarks, sourcing knowledge from the world’s main digital forex exchanges and over the counter brokered quantity.  

“We are excited to enter in to this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit,” mentioned Shorcan President Peter Conroy. “We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success.”

Paycase chief govt Joseph Weinberg additionally commented on the association, describing the brokerage as being the first public crypto brokerage desk by an alternate, saying the new partnership “represents the true institutionalization of cryptocurrencies as an asset class.” He went on to say:

“Paycase’s partnership with the TMX solved a major problem in the blockchain ecosystem. With this partnership, we have built the first major bridge between the crypto world and the traditional financial markets.”

TSX Venture Exchange

Several cryptocurrency corporations have already sought public itemizing on the agency’s TSX Venture Exchange (TSX-V), most notably Galaxy Digital — a cryptoasset service provider financial institution based by billionaire hedge fund supervisor Mike Novogratz.

Further, Coinsquare, one of Canada’s foremost cryptocurrency exchanges, has additionally acknowledged that it’s going to maintain an preliminary public providing (IPO) on the predominant TSX alternate later in 2018.

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