TMX Group, operator of the stock exchange of Toronto, announced the launch of the brokerage platform for cryptocurrencies. This service will be offered through its subsidiary Shorcan Digital Currency Network, which is focused on working with the bitcoin and ether. The project will be implemented in partnership with a local FINTECH startup Paycase Financial Corp.
The owner of the stock exchange of Toronto offers its customers the opportunity to buy and sell the two most popular cryptocurrencies — bitcoin and ether. Maybe in the future we will add other cryptocurrencies upon request of customers. The service will operate with the support of local startup Paycase Financial Corp specializing on decentralized financial services and Manager mobile platform remittances.
CEO Paycase Joseph Weinberg (Joseph Weinberg) described the project as creating «the first major bridge between the cryptographic world and the traditional financial markets»
«Being the first brokerage platform for cryptocurrency created by the stock exchange, this initiative is a real institutionalization of cryptocurrency as an asset class,» said Weinberg.
In TMX note that brokering is an important step for the implementation of the digital strategy of the exchange. According to John Lee (John Lee), head of corporate innovation and new product development, the company is looking for new ways to meet the needs of their clients in traditional and nontraditional markets.
The group hopes that cryptocurrency platform Shorcan DCN (a subsidiary of TMX) will allow to establish a relationship between TMX and the cryptocurrency space. It is expected to begin in the second quarter of this year. «We are pleased to enter into this agreement with Paycase, the industry leader with innovative entrepreneurial spirit,» said the President of Shorcan Peter Conroy (Peter Conroy).
One of the main objectives of the new partnership with Paycase – cover from 2 to 5% of the global OTC market of cryptocurrency, which is currently estimated at 4 to 9 billion dollars. Banking services will be provided by one of the largest canadian banks — Bank of Montreal.
In February, the Canadian stock exchange has announced
the launch of blockchain-based platform for tokens that are destined for non-cash payments for the sale of cryptocurrency. The tokens that are in the stock list platform, will be qualified as securities.