TMX Group today announced its wholly-owned subsidiary, Shorcan Digital Currency Network (Shorcan DCN) has entered into an agreement with Paycase, a Toronto-based, value network and trustware provider for decentralized financial services, to launch a new cryptocurrency brokerage service focused on Bitcoin and Ether. BMO Financial Group will provide Shorcan DCN with banking services as part of the payment and settlement infrastructure.
Shorcan DCN is designed to leverage the combination of Shorcan Brokers’ expertise in providing clients in the Canadian financial industry with brokerage services with Paycase’s cryptocurrency data aggregation platform and established worldwide network of industry leaders and participants. Concurrently with the establishment of brokerage services, Shorcan DCN, together with Paycase, will create proprietary-based cryptocurrency benchmarks based on consolidated data from the world’s leading crypto exchanges as well as over the counter, or OTC, brokered volume.
“We are thrilled about this partnership between Paycase Financial and the TMX,” Paycase Financial CEO Joseph Weinberg said. “As the first ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class.
“This deal is significant in a number of ways. Firstly, 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. The world has barely begun seeing bitcoin’s utility. Bitcoin’s true utility will surface as institutional investors can truly incorporate the asset class in their strategies.
“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. This is just a taste of more things to come from the collaborative and tight-knit Canadian community as we build out more products for the world.”
“We are excited to enter in to this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit,” Shoran president Peter Conroy said. “We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success.”
“Shorcan DCN represents a significant step forward in the execution of TMX Group’s digital strategy,” TMX Group managing director, enterprise innovation and product development John Lee said. “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 DCN is planned for launch in the second quarter of 2018.