Canada’s biggest bank exploring to launch cryptocurrency trading platform
November 12, 2019, 1:45AM EST
1 min read
The Royal Bank of Canada (RBC), the country’s largest bank with over $965 billion in total assets, could launch a cryptocurrency trading platform.
The Logic reported the news on Monday, saying that the bank has applied for four patents in Canada and the U.S. that reveal how it might integrate cryptocurrencies into its operations.
“To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices,” reads a patent.
RBC spokesperson Jean Francois Thibault told The Logic that the bank, “like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected,” declining to comment on the platform launch.
The bank could also offer its customers cryptocurrency accounts, per the report. RBC is said to have published at least 27 blockchain-related patents in the past three years, including credit scores, vehicle records, digital rewards and loan offerings.
There are currently a few cryptocurrency exchanges in Canada, as The Block reported last month. Notably, Einstein closed its doors last week, owing customers more than $12 million.
Interestingly, Canada's central bank has also been researching the possible issuance of digital currency.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.