TMX Group and Paycase Financial have partnered to announce the launch of a new brokerage service, the Shorcan Digital Currency Network (Shorcan DCN). Shorcan will be the first ever public cryptocurrency brokerage desk by a major exchange.
Expected to be available with full services in the second quarter of 2018, Shorcan will first focus on the two largest coins by market cap, Bitcoin and Ether. BMO Financial Group will provide Shorcan with a number of banking services as part of the negotiations. TMX Group and Paycase Financial made the joint announcement on March 22nd.
Paycase Financial CEO and OECD Think Tank Special Advisor, Joseph Weinberg, is enthusiastic about the collaboration.
“We are thrilled about this partnership between Paycase Financial and the TMX. As the first ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class.”
This new partnership is indicative of Canada’s thriving startup community. Collaborating with a set of large institutions, the startup community is capable of building the financial world of the future. This demonstrates both that Canada’s startup community is a model at the world stage, and that Canada is open for business.
Furthermore, the new partnership between TMX Group and Paycase Financial illustrates the role of cryptocurrencies in markets in the near future. The world has only now begun to see Bitcoin’s utility, forcing investors to truly incorporate the asset into their strategies.
The move is expected to provide new kinds of services to its client base and is a direct attempt at tapping into the newfound demand for cryptocurrency purchases within Canada.
Tmx Group is a Canadian financial services company actively participating in equities, fixed income, derivatives, and energy markets exchange. Primarily known for the Toronto Stock Exchange, it is also responsible for operating other exchanges such as the Montréal Exchange, NGX, TSX Alpha Exchange, as well as Canada’s depository, clearing, and settlement business, CDS. TMX Group is headquartered in Toronto and operates across North America and key international markets.
Paycase is a mobile platform designed to send money around the world securely and instantly. They concentrate on strategic projects in countries that require liquidity and critical market infrastructure. Based in Toronto, Paycase is focused on sending money between Canada and the Philippines. Paycase is currently in a private, invite-only beta.