Exchanges

Toronto Stock Exchange Joins the Crypto Mania with New Brokerage Platform

TMX Group which currently runs the Toronto Stock Exchange wants to hit the billion-dollar crypto market as well with its new brokerage service. The platform is being developed by working in tandem with Paycase Financial Corp. Here are more detailed regarding the announcement.

Bitcoin and Ethereum for starters

Ethereum and Bitcoin are not just the two largest cryptocurrencies in terms of market cap but also often the headline creators in the crypto world and it’s no surprise the new service, launched through the Shorcan subsidiary will kick off by allowing users to buy/sell these currencies with further additions being made as per the demand.

Paycase

Paycase Financial Corp, a Fintech startup located in Toronto, Canada with an aim to make money transfers to any part of the world cheaper as compared to the existing methods while maintaining the security and reliability of these methods.

You can transfer money through bank deposit, cash pickup, and door-to-door delivery and there more methods in the pipeline.

“As the first-ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class,” said the Paycase CEO, Joseph Weinberg speaking of the partnership and described it as the bridge between crypto and traditional financial markets.

As for TMX, they see it as the next step forward towards providing their customer base with unmatched services in both standard and emerging financial markets.

Shorcan President Peter Conroy is quite excited with the deal done with Paycase who he believes is an industry leader with an innovative and entrepreneurial spirit.

Entering the Billion Dollar Crypto World

The Toronto Stock Exchange

The agreement with Paycase means data from the best crypto exchanges will be used to set the benchmarking with an aim to reach out to about 2-4 percent of the ‘over the counter market’ to start things off which amounts to a total estimate of 5-10 billion dollars. Bank of Montreal is expected to render the banking services required.

TMX  like Paycase is situated in Toronto and with subsidiaries, across North America, they run cash and derivative markets, as well as clearinghouses for a number of different asset classes.

Its Group Companies such as Toronto Stock Exchange, TSX Venture Exchange aim to provide its customers listing markets, trading markets, clearing facilities and the required financial services.

TMX is also in charge of the Montréal Exchange, the Canadian Depository for Securities and the Canadian Derivatives Clearing Corporation.

The plans to enter the crypto world through a blockchain based platform were announced as early as February by the Canadian Stock Exchange. Here the currencies are listed as securities and companies can issue shares and debt securities in the form of tokens to be further sold to investors.

How do you think the new platform will help with the widespread adoption of cryptocurrencies? Would you be using such a platform?

About the author

subhash

With over three years of experience in the field of cryptocurrencies, Subhash decided to put his knowledge and experience in front of thousands of people though Tokenradar24. You can connect with Subhash on LinkedIn and Twitter.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *