TMX Group of Canada Launches Cryptocurrency Brokerage Platform
- The new platform of the operator of the Toronto Stock Exchange will initially support Bitcoin and Ethereum.
A new cryptocurrency brokerage platform is being launched by TMX Group, the operator of the Toronto Stock Exchange, according to bitcoin.com.
The platform will be called the Shorcan Digital Currency Network, or Shorcan DCN for short. It will be launched in partnership with Paycase Financial Corp, a Toronto-based fintech startup that operates a remittance platform for mobile phones. Banking services will be provided by Bank of Montréal.
Bitcoin and Ethereum will be available on the platform at first, and additional Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term will be added if there is demand.
The press release says: "Shorcan DCN is designed to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term 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 that the initial goal is to cover up to 5 percent of the global over-the-counter market, worth between 4-9 billion USD. He 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.”
Cryptocurrency in Canada
Cryptocurrencies are not classified as legal tender in Canada. Stephen Poloz, head of the Central Bank of Canada, said to CNBC in January: “I object to the term cryptocurrencies because they are crypto but they aren’t currencies..."
However, the country is looking to regulate the industry, and the Canadian Securities Administrators stated in a notice in August 2017 that cryptocurrencies could be considered securities. In fact, Canada passed the world's first ever law regarding cryptocurrency back in 2014, according to Bitcoin Magazine.
Meanwhile, Canada has proven to be an attractive location for Chinese Bitcoin mining companies in their search for a new home, as the climate is conducive to the effective operation of the mining computers.
Recently, the Canadian Securities Exchange announced a plan to introduce a blockchain-based securities platform which will allow companies to issue traditional instruments using a digital token.
A new cryptocurrency brokerage platform is being launched by TMX Group, the operator of the Toronto Stock Exchange, according to bitcoin.com.
The platform will be called the Shorcan Digital Currency Network, or Shorcan DCN for short. It will be launched in partnership with Paycase Financial Corp, a Toronto-based fintech startup that operates a remittance platform for mobile phones. Banking services will be provided by Bank of Montréal.
Bitcoin and Ethereum will be available on the platform at first, and additional Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term will be added if there is demand.
The press release says: "Shorcan DCN is designed to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term 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 that the initial goal is to cover up to 5 percent of the global over-the-counter market, worth between 4-9 billion USD. He 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.”
Cryptocurrency in Canada
Cryptocurrencies are not classified as legal tender in Canada. Stephen Poloz, head of the Central Bank of Canada, said to CNBC in January: “I object to the term cryptocurrencies because they are crypto but they aren’t currencies..."
However, the country is looking to regulate the industry, and the Canadian Securities Administrators stated in a notice in August 2017 that cryptocurrencies could be considered securities. In fact, Canada passed the world's first ever law regarding cryptocurrency back in 2014, according to Bitcoin Magazine.
Meanwhile, Canada has proven to be an attractive location for Chinese Bitcoin mining companies in their search for a new home, as the climate is conducive to the effective operation of the mining computers.
Recently, the Canadian Securities Exchange announced a plan to introduce a blockchain-based securities platform which will allow companies to issue traditional instruments using a digital token.