Shorcan DCN is an entirely-owned subsidiary of Canadian financial services company, TMX Group, which is known for operating the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSX-V). The brokerage is scheduled to launch mid-year.
The TMX Group says the brokerage is created to maximize Shorcan DCN’s background in offering brokerage services and Paycase’s digital currency data aggregation platform for the improvement of cryptocurrency integration in traditional markets. The announcement acknowledges the promise of Paycase’s “established worldwide network of industry leaders and participants,” as the banking platform has been a significant player in the Canadian landscape for years.
“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,” TMX Group Enterprise Innovation & Product Development Managing Director John Lee said regarding the arrangement.
Paycase and Shorcan DCN said that both companies would develop cryptocurrency benchmarks by strengthening its present approach to digital currencies and establishing brokerage services. It will source data from over the counter brokered volume and leading cryptocurrency exchanges worldwide.
“We are excited to enter into this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit. We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success,” Shorcan President Peter Conroy said.
Paycase chief executive Joseph Weinberg also commented on the deal, describing the brokerage as the first open crypto brokerage desk by an exchange, stating that the new partnership “represents the true institutionalization of cryptocurrencies as an asset class.”
“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,” he continued.
Various digital currency businesses have already sought the public listing on the firm’s TSX Venture Exchange (TSX-V), most notably crypto asset merchant bank Galaxy Digital, which is founded by billionaire hedge fund manager Mike Novogratz.
Moreover, one of the leading Canadian digital currency exchanges, Coinsquare, has announced its plan to conduct an Initial Public Offering (IPO) on the central TSX exchange later this year.