Toronto, Canada, September 23, 2019: Paycase Global Corp. has filed a statement of claim with the Ontario Superior Court of Justice against defendants TMX Group Limited, Shorcan Brokers Limited and Shorcan Digital Currency Network Inc. for damages of $500 million in connection with TMX’s purported termination of two 10-year commercial agreements.
These agreements were for the joint creation of a crypto brokerage desk and proprietary cryptocurrency data products, in order to provide institutional and retail clients with access to Bitcoin and other cryptocurrencies.
Joseph Weinberg, Founder and CEO of Paycase Global shared his insight on what these ventures meant for the industry at large: “It would have been one of the biggest moves forward and a landmark Canadian partnership for the global financial and cryptocurrency industries. A partnership that enabled institutional and retail consumers to interact with cryptocurrencies via TMX/Paycase platforms - and a comprehensive system that would have offered cutting edge products and services to a global market.”
In connection with its litigation, Paycase Global has acquired financing from Bentham IMF, one of the most established and experienced commercial litigation funders in the world, to support the claim proceedings.
“At Bentham IMF, we only invest after a rigorous assessment. We have tremendous confidence in this case and are delighted to be working with Paycase, a leader in the crypto industry.” said Paul Rand, Bentham IMF’s Chief Investment Officer.
Key aspects of the claim include:
With these two ventures being first to market, combined with Paycase’s deep knowledge and experience with current and forthcoming regulations, this partnership could have cemented the Paycase/TMX platform as a global leader in the space.
Since the announcement of the Paycase/TMX partnership, similar models have been successfully implemented by other major financial institutions.
About Paycase: Paycase is a financial technology company with extensive experience in cryptocurrency and blockchain technology.
About Bentham IMF: Bentham IMF Capital Limited is the Canadian arm of IMF Bentham Limited (ASX: IMF), one of the leading global litigation & dispute financiers, headquartered in Australia and with offices in Canada, the US, Singapore, Hong Kong and London.
About TMX Group: TMX is a financial services company that operates equities, fixed income and derivative exchanges.
About Shorcan DCN: Shorcan DCN is a wholly-owned TMX subsidiary and was established to advance TMX’s digital strategy.