Toronto Stock Exchange Operator To Provide Crypto Brokerage Services
Canada-based Shorcan Digital Currency Network (Shorcan DCN) has entered into an agreement with Paycase Financial (Paycase) 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 planned for launch in the second quarter of 2018.
Shorcan Digital Currency Network is a wholly-owned subsidiary of TMX Group, whose key subsidiaries operate the Toronto Stock Exchange. Paycase Financial is a Toronto-based, value network and trustware provider for decentralized financial services, widely known for their mobile-first remittance platform.
Shorcan DCN is designed to leverage the combination of Shorcan Brokers’ (Shorcan) expertise in providing clients in the Canadian financial industry with liquid, efficient and reliable brokerage services with Paycase’s premier 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.
Peter Conroy, President, Shorcan
“We are excited to enter in to this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit. We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success.”
John Lee, Managing Director, Enterprise Innovation & Product Development, TMX Group opined
“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.”
About TMX Group
The group’s subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities and fixed income. Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, Trayport and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London, Beijing and Singapore.