Toronto Stock Exchange Operator is Coming up With a Cryptocurrency Brokerage Service - CryptoCentral
LOADING

Type to search

Toronto Stock Exchange Operator is Coming up With a Cryptocurrency Brokerage Service

AltCoins Bitcoin News Blockchain News

Toronto Stock Exchange Operator is Coming up With a Cryptocurrency Brokerage Service

cryptocentral April 3, 2018
Share

In brief:
TMX, the Canada based operator of the Toronto Stock Exchange has announced to launch a cryptocurrency brokerage platform. The venture will be launched by Shorcan Digital Currency Network (DCN), a wholly-owned subsidiary of TMX group.

TMX Group, the Canada based operator of the Toronto Stock Exchange has announced that its subsidiary, Shorcan Digital Currency Network (DCN) has entered into an agreement with Paycase Financial to launch a cryptocurrency brokerage service.

Shorcan Digital Currency Network (DCN) has partnered with Paycase Financial, a decentralized financial service provider based out of Toronto, for this new venture and for the payment and settlement infrastructure, BMO Financial Group has been finalized to provide banking related services.
On March 22, TMX announced to launch the platform most likely by mid-year which would enable users to buy and sell the two most liquid cryptocurrencies, that is, Bitcoin and Ether.

Expressing optimism about the project, Paycase CEO Joseph Weinberg said that this is the first “true institutionalization of cryptocurrencies as an asset class.” He stated, “As the first ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class. 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.”

TMX Group asserts that the brokerage platform is designed for the better integration of digital currency with traditional markets. John Lee, TMX Group’s managing director of enterprise innovation and product development, says, “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.”

The move has further created links between TMX and the crypto world. By way of sourcing data from the world’s top virtual currency exchanges and over the counter brokered volume, this new venture is expected to create digital currency benchmarks.

Soon after the announcement, numerous cryptocurrency companies began to seek public listings on the firm’s TSX venture exchange, including the crypto asset merchant bank, Galaxy Digital, founded by billionaire hedge fund manager Mike Novogratz. Moreover, Canada’s well-known cryptocurrency exchange, Coinsquare has expressed its willingness to hold an initial public offering (IPO) on the main TSX exchange by year-end.


Disclaimer: This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. Cryptocentral.io does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.

Tags:

Leave a Comment

Your email address will not be published. Required fields are marked *

loading…