Canadian Multi-Asset Exchange Group, TMX Group to Launch Cryptocurrency Trading Platform - The Industry Spread

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

Canadian Multi-Asset Exchange Group, TMX Group to Launch Cryptocurrency Trading Platform

March 27, 2018

TMX GroupA major development in the cryptocurrency space, the operator of the Toronto Stock Exchange, TMX Group has announced its foray into the cryptocurrency space with the launch of cryptocurrency brokerage platform. The platform will be called Shorcan Digital Currency Network or Shorcan DCN will focus on Bitcoin and Ethereum trading.

The platform is a joint partnership with Toronto-based fintech startup Paycase Financial Corp., that operates a remittance platform for mobile phones. The Banking services will be provided by Canada’s largest bank, Bank of Montréal.

The partnership will help to create a cryptocurrency benchmark based on consolidated data from the world’s leading crypto exchanges. The goal is cover 2-5 percent of the global “over the counter” OTC market initially, which is worth about $4-9 billion. According to the press release, initially, Bitcoin and Ethereum will be listed on the platform and later as per demand other cryptocurrencies will be listed.

The press release says: “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 worldwide network of industry leaders and participants.”

Peter Conroy, President of Shorcan, said: “We are excited to enter into this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit.”

Joseph Weinberg, CEO of Paycase, said: “As the first ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class.”

In Canada, cryptocurrencies are not classified under the terms of legal tender is looking forward to regulating the industry. As per a notice issued by Canadian Securities Administrators, they are considering the cryptocurrencies to be treated as securities. In recent times, Canada has been attracting many Chinese cryptocurrency mining firms as they are searching for new locations after China’s clampdown on cryptocurrencies. 

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