As announced March 22, 2018, Shorcan Digital Currency Network (DCN), a subsidiary of TMX Group, has entered into an agreement with Paycase Financial to launch and manage a public cryptocurrency brokerage service.
"Shorcan DCN represents a significant step forward in the execution of TMX Group's digital strategy," said TMX Group's managing director of enterprise innovation and product development, John Lee. "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."
TMX Group subsidiaries are some of the most significant exchange actors in Canada, notably, TMX Group owns and operates the Toronto Stock Exchange, the TSX Venture Exchange, the TSX Alpha Exchange, the Canadian Depository for Securities, the Montréal Exchange, and the Canadian Derivatives Clearing Corporation.
"We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success. We are excited to enter in to this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit," said Peter Conroy, President of Shorcan.
Working together, Shorcan and Paycase could establish cryptocurrency pricing benchmarks, combining Shorcan's brokerage expertise with Paycase's cryptocurrency data aggregation platform.
The launch of the new brokerage service is slated for the second quarter of 2018 and could have significant implications for the institutionalization of cryptocurrency as an asset class.