Parent company of the Toronto Stock Exchange and Canadian Derivatives Clearing Corporation has announced a cryptocurrency brokerage service.
Shorcan Digital Currency Network, which is a subsidiary of Toronto Stock Exchange Group has reached an agreement with Paycase Financial to launch and manage a public cryptocurrency brokerage service.
According to Toronto Stock Exchange Group’s managing director of enterprise innovation and product development, John Lee, Shorcan Digital Currency Network represents a significant step forward in the execution of Toronto Stock Exchange 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,” he added.
Peter Conroy, President of Shorcan Digital Currency Network also commented on the launch of the new brokerage service. “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 into this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit,” he said.
The new brokerage service will be launched by the second quarter of 2018 and could have significant implications for the institutionalization of cryptocurrency as an asset class.
TMX Group subsidiaries are among the leading exchange services in Canada. They include: 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.