In a big step towards the economic and societal mainstreaming of cryptocurrencies, the TMX Group announced that its Toronto Stock Exchange (TSE) will be the first stock exchange in the world offer a cryptocurrency trading platform, starting with Bitcoin and Ethereum.
The move by the TMX Group will help institutionalize cryptocurrency as an asset class in Canada and beyond. Canadian investors who had a "stand back and observe" attitude towards cryptos will now be inclined to make their first Bitcoin or Ethereum buy.
The TSE is operated by the TMX Group, which also owns subsidiary Shorcan Digital Currency Group (DCN). Shorcan DCN is working with fintech startup Paycase Financial and the Bank of Montreal to roll out the cryptocurrency trading platform to investors. The partnerships signify a collaborative convergence of innovators, financial incumbents, and regulators.
Paycase Financial’s cryptocurrency data aggregation platform will be used to integrate cryptocurrency and traditional markets. CEO Joseph Weinberg said, “As the first ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class ... the first major bridge between the crypto world and the traditional financial markets.”
Shorcan President Peter Conroy said, "We are excited to enter into this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit."
John Lee, Managing Director of Enterprise Innovation & Product Development at the TMX Group, added: "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."
By: BGN Editorial Staff