TMX Group Subsidiary Shorcan DCN Launches Digital Currency Initiatives with Paycase Financial
Announced this week, Shorcan Digital Currency Network (DCN) is teaming up with Paycase Financial to launch a brokerage service around popular digital currencies, Bitcoin and Ethereum. Shorcan DCN is a subsidiary of TMX Group, the Canadian financial services company known for operating the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV).
Together, the arrangement will allow both Toronto-based financial companies to work together for the betterment of digital currency integration with traditional markets.
TMX Group addressing traditional and non-traditional markets
An area of interest for both digital currency advocates and crypto-hesitant retail investors is Shorcan DCNs pledge to address the needs of both markets, as outlined in its recent press release.
“Shorcan DCN represents a significant step forward in the execution of TMX Group’s digital strategy,” said TMX Group Managing Director, Enterprise Innovation & Product Development, John Lee. “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.”
With this arrangement, Shorcan DCN stated that it will utilize both the expertise of its brokers in providing services in the Canadian financial industry, with Paycase Financial’s digital currency data aggregation platform.
Further, the announcement praises the potential value of Paycase Financial’s “established worldwide network of industry leaders and participants,” as the platform has been a player in the Canadian landscape for some time.
Creating digital currency benchmarks
Through establishing brokerage services and furthering its current approach to digital currencies, Shorcan DCN and Paycase Financial stated that the two companies will create digital currency benchmarks, sourcing data from the world’s leading digital currency exchanges and over the counter brokered volume.
“We are excited to enter in to this agreement with Paycase [Financial], an industry leader with an innovative and entrepreneurial spirit,” added Shorcan president, Peter Conroy. “We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success.”
Image credit: TMX logo
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