The stock exchange crypto brokerage services will involve provision of data benchmarks and indices based on information from various cryptocurrencies, to investors. The move is meant to institutionalize cryptocurrencies.
TMX Group’s subsidiary Shorcan Digital Currency Network is partnering with PayCase Financial to launch a brokerage service that will provide data and investment advice to investors regarding cryptocurrencies.
Through the platform, investors will access data relating to the ongoing status and price different cryptocurrencies. The ongoing data benchmarks and indices will be build based on data from various cryptocurrency exchanges, as well as from international, over-the-counter trading volume.
Paycase Financial CEO and OECD think tank special advisor Joseph Weinberg speaking to Bitcoin Magazine, referred to the deal. Thus, the “true institutionalization of cryptocurrencies as an asset class”.
Thus, it is part of the latest efforts seems to help improve appeal of cryptocurrencies among institutional investors. Last year, companies such as CME and CBOE launched Bitcoin futures thought to help towards that regard.
However, the real benefits of such products remain to be felt by cryptocurrencies investors. He said it would be a major bridge between a crypto world as well as traditional financial markets.
PayCase is a Toronto-based cryptocurrencies startup best known for its mobile-first remittance platforms and service.
Additionally, the collaboration brings together regulators, financial incumbents and innovators. Thus, it may improve adoption of cryptocurrencies across new markets, said executive director of the Blockchain Association of Canada Kyle Kemper.
Kemper said he expects to see more collaborations that bring up the benefits of this “new paradigm shift.”
TMX Group’s managing director in Enterprise Innovation & Product Development John Lee said in the release that the company will continue to improve business in light of client’s needs, both in the traditional and non-traditional markets.
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Originally published at coinpedia.org