Shorcan DCN to team up with Paycase Financial to provide cryptocurrency brokerage services and create global data products
TMX Group today announced that its wholly-owned subsidiary, Shorcan Digital Currency Network (Shorcan DCN) has entered into an agreement with Paycase Financial (Paycase), 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. BMO Financial Group will provide Shorcan DCN with banking services as part of the payment and settlement infrastructure.
Paycase Financial CEO and OECD Think Tank Special Advisor, Joseph Weinberg:
“We are thrilled about this partnership between Paycase Financial and the TMX. As the first ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class. This deal is significant in a number of ways. Firstly, it signifies what a flourishing startup community and a set of large institutions can do when they collaborate and work together to build the financial world of the future. Canada’s tight, cohesive startup scene, institutions and regulatory environment is a model for the world stage. And most importantly, it demonstrates that Canada is open for business.
Secondly, it shows how bitcoin and its counterparts are the bedrock of what markets, economies and the financial world in the not-too-distant future. This step further solidifies crypto assets’ place in the modern economy. The world has barely begun seeing bitcoin’s utility. Bitcoin’s true utility will surface as institutional investors can truly incorporate the asset class in their strategies.
Paycase’s partnership with the TMX solved a major problem in the blockchain ecosystem. With this partnership, we have built the first major bridge between the crypto world and the traditional financial markets. This is just a taste of more things to come from the collaborative and tight-knit Canadian community as we build out more products for the world.”
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 a worldwide network of industry leaders and participants. Concurrently with the establishment of brokerage services, Shorcan DCN, together with Paycase, will create proprietary-based 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,” said Peter Conroy, President, Shorcan. “We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success.”
John Lee, Managing Director, Enterprise Innovation & Product Development, TMX Group added: “Shorcan DCN represents a significant step forward in the execution of TMX 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.”
Joseph Weinberg’s Vision for Paycase Financial: “Across the Paycase group of companies, we focus on strategic projects in countries that require liquidity and critical market infrastructure. From identity and compliance standards, to liquidity, to consumer transaction infrastructure, Paycase builds and employs foundational frameworks that create global impact while maintaining market integrity.
We’re working with the best partners around the world to build technological innovations that are simple, affordable, flexible and secure, and will fulfill our vision for the new global economy.
Paycase and TMX’s partnership fulfills a global need for the ecosystem, providing liquidity and market infrastructure for the emerging asset class.”