In its efforts to bring crypto to the masses, Shorcan Digital Currency Network, a subsidiary of TMX Group, is collaborating with Paycase to launch a brokerage service for Ethereum and Bitcoin.
TMX Group is a financial services company based in Canada; it is well known for operating the RSX Venture Exchange (TSX-V) and the Toronto Stock Exchange (TSX). Paycase is a mobile platform, which lets users send money globally safely and fast. Their focus is on strategic projects in nations, which need liquidity and critical market infrastructure.
About The Brokerage Service
The brokerage platform is going to launch sometime in the middle of this year. To start with, Ethereum and Bitcoin will be offered. However, there are plans to launch additional cryptocurrencies as demand arises.
The president of Shorcan, Peter Conroy, said that the initial focus would be to reach out to five percent of the over the counter market globally. This market is estimated to be worth between 4 to 9 billion USD. He added that Shorcan was pleased to enter into this agreement with Paycase, which is an industry leader and an innovator with an entrepreneurial spirit.
By establishing brokerage services and furthering their current approach to crypto, Paycase and Shorcan DCN said that the two planned to come up with digital coin benchmarks. To achieve this, they will source data from leading digital coin exchanges and over the counter brokerages.
The TMX Group Digital Strategy
TMX Group launched a digital strategy in 2016. This strategy entails collaborating with innovative industry leaders and exploring viable ways to utilize emerging technologies. The aim is to enable TMX Group address the wide array of needs that the customers have. Besides that, they aim to use technology to grow their client base.
The managing director of TMX Group, John Lee, said that Shorcan DCN represented a major step forward in the digital strategy of TMX Group. As technology continues to change the world of global finance, TMX Group was committed to exploring new ways to evolve their business. They hoped that technology could help them address the needs of their clients in both the traditional and non-conventional markets.
Besides that, this partnership between TMX Group and Paycase shows that digital currencies will have an important role to play in the future. The world has only begun to see the utility of Bitcoin. This has forced investors to incorporate the digital asset into their investment strategies.
The CEO of Paycase said that they were happy about the partnership with TMX Group. He said the launch would be the first public crypto brokerage desk by any exchange. He added that the deal represented the institutionalization of digital coins as an asset class.
With this move, TMX Group will be able to provide a new kind of service to its customers. It is a direct attempt to tap into the new demand for crypto purchases in Canada. The long-term strategy is to be able to market the indices with the associated technology globally.