TMX Group Announce First Ever Public Cryptocurrency Brokerage
Canada is innovating with the world’s first cryptocurrency brokerage operated by a major exchange. It is operated by TMX Group, the Montreal Exchange, the Canadian Derivatives Clearing Corporation and the Canadian Depository for Securities.
The launch, scheduled for the second quarter of 2018, is the result of an agreement with Paycase Financial, a network provider for value and trust for decentralized financial services. The focus will be on Ethereum and Bitcoin and will be available in the second quarter of this year.
“We are thrilled about this partnership between Paycase Financial and the TMX,” Paycase Financial CEO Joseph Weinberg said. “As the first ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class.
John Lee, Managing Director, Innovation and Product Development, TMX Group, said that Shorcan DCN is a milestone 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.”
Paycase CEO Joseph Weinberg described the brokerage as the “first public crypto brokerage firm,” saying the new partnership “represents the true institutionalization of crypto-currencies as an asset class.”
He went on to say:
“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.”
Canada’s tight and consistent start-up scene, institutions and environment are a model for the global stage. Most importantly, it means 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 cryptoassets’ 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.
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