Canadian exchange operator TMX opens cryptocurrency brokerage in Q2

23 March 2018

TMX GroupTMX Group, a Canadian financial services company operating an array of exchanges, announced its plans to launch a new subsidiary for providing cryptocurrency brokerage services with the key focus on Bitcoin and Ether.

According to the official reports, TMX Group will open its Shorcan Digital Currency Network (Shorcan DCN) as early as the second quarter this year. The new business unit will take advantage of the expertise accumulated by Shorcan Brokers, acquired by TMX back in 2016.

The cryptocurrency brokerage firm will be partnering with Paycase, a Toronto-based fintech startup operating mobile-first platform for money remittance services, as it has an experience in decentralized financial solutions. Paycase will provide Shorcan DCN with cryptocurrency data aggregation.

Apart from brokerage tasks with the focus on Bitcoin and Ether, the brokerage firm will be establishing proprietary-based benchmarks for cryptocurrencies on the basis of aggregated data collected from different cryptocurrency exchanges and OTC pool.

Speaking for TMX Group, John Lee, noted that given the rapid development of innovative technologies, which redesigns the global financial sector, TMX wants move on researching new methods and tools to update their business to meet the needs of their clients both in traditional and non-traditional markets.

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