TMX Group, which owns the Boston Options Exchange, the Montreal Exchange and Toronto Stock Exchange is about to start up a cryptocurrency brokerage service. This is being done through TMX Group’s wholly-owned subsidiary, Shorcan Digital Currency Network (Shorcan DCN).
To put this in perspective, the TMX group is the world’s 9th largest stock exchange. They account for a monthly approximate volume of $92 billion and approximately $3 trillion in market capitalization.
TMX via Shorcan DCN made the agreement with Paycase Financial, which is a Toronto, Ontario based value network and trustware provider for decentralized financial services. The new brokerage service will focus mainly on Bitcoin and Ether (Ethereum’s traded coin). BMO Financial Group will provide Shorcan DCN with the banking services part of the deal.
Experts expect this announcement to attract large-scale companies to make large investments into cryptocurrencies. In the current market filled with FUD and clickbait negativity, this is yet another example of the good that is occurring in crypto which inches closer towards mass adoption every day. In other words, this isn’t a true bear market, but a sleeping giant waking up.
John Lee, who serves as the Managing Director, Enterprise Innovation & Product Development for TMX Group said, "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."