TMX subsidiary Shorcan Digital Currency Network (Shorcan DCN) has entered into an agreement with Paycase Financial, a Toronto-based, value network and trustware provider for decentralized financial services, most widely known for their mobile-first remittance platform, to launch a new cryptocurrency brokerage service focused on bitcoin and ether.
Bank of Montreal will provide Shorcan DCN with banking services as part of the payment and settlement infrastructure, TMX says in a news release.
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, TMX says.
Concurrently with the launch of brokerage services, Shorcan DCN and Paycase will create proprietary cryptocurrency benchmarks based on consolidated data from the world’s leading crypto exchanges as well as over the counter, or OTC, brokered volume.
“We are excited to enter in to this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit,” says Peter Conroy, president, Shorcan, in a statement.
“Shorcan DCN represents a significant step forward in the execution of TMX Group’s digital strategy,” adds John Lee, managing director, enterprise innovation and product development, TMX Group, adds.
Shorcan DCN is planned for launch in the second quarter of 2018.