Paycase is planning to launch a regulated Canadian Bitcoin exchange by the end of the year, according to the Financial Post.
Paycase, which is currently in invite-only beta, plans to open to the general public in about “a month and a half,” according to the report. Paycase uses Bitcoin to allow people to send money overseas for 60 to 80 percent cheaper than traditional remittance companies, which generally charge a flat fee regardless of the amount of money sent.
As it works to launch the bitcoin exchange, the company has applied to join the Ontario Securities Commission’s FinTech advisory committee to address regulatory hurdles.
“Everyone thinks people in Bitcoin, as the libertarians, believe in no regulation. It’s the opposite,” said Joseph Weinberg, co-founder and CEO of Paycase. “We believe in security and privacy and the ability to ensure you have trust. That’s a big misconception.”