TMX unveils cryptocurrency brokerage

Canadian exchange operator TMX Group is setting up a subsidiary that will run a cryptocurrency brokerage service focused on Bitcoin and Ether.

Shorcan Digital Currency Network (Shorcan DCN) is set to launch in the second quarter, tapping into the brokerage expertise of Shorcan Brokers, which TMX acquired in 2006.

The new unit will work with Toronto-based Paycase, a specialist in decentralised financial services that will provide its cryptocurrency data aggregation platform.

In addition to the Bitcoin and Ether-focussed brokerage services, Shorcan DCN will create proprietary-based cryptocurrency benchmarks based on consolidated data from crypto exchanges as well as OTC brokered volume.

John Lee, MD, enterprise innovation and product development, TMX Group, says: “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.”