TMX to launch cryptocurrency brokerage through Shorcan subsidiary

TORONTO – The TMX Group Ltd. says it’s launching a cryptocurrency brokerage service through the launch of its Shorcan Digital Currency Network subsidiary.

The Toronto Stock Exchange owner says it’s partnering on the brokerage with Toronto-based Paycase Financial Corp., which specializes in decentralized financial services including a mobile-based remittance platform.

TMX says the brokerage is designed to leverage Shorcan Brokers Ltd. background in providing brokerage services with Paycase’s cryptocurrency data aggregation platform and will focus on the Bitcoin and Ether cryptocurrencies.

The partnership will also create cryptocurrency benchmarks based on consolidated data from the world’s leading crypto exchanges as well as over the counter brokered volume.

TMX says the brokerage is a significant step in the execution of the company’s digital strategy as it looks to new ways to address client needs in both traditional and non-traditional markets.