The largest bank in Canada by sell capitalization, Royal Bank of Canada (RBC), is reportedly opening a cryptocurrency exchange. Patents have been discovered that give vent to some of the technology the RBC may implement, which could be used to bring digital currency trading to the bank’s 16 million shoppers.
Also read: Bankers Start to Recognize Bitcoin’s Role in Financial Evolution
The Royal Bank of Canada May Initiate a Crypto Exchange
A report stemming from the publication The Logic claims that the RBC is currently exploring the construction of a digital currency swap platform. Columnist Zane Schwartz wrote on November 11 that the bank will give customers the capacity to invest and trade cryptocurrencies like BTC and ETH. The report reveals RBC is interested in creating funds with a basket of digital currencies as nicely. “The bank is also looking into letting customers open bank accounts containing cryptocurrency,” Schwartz wrote. If the crypto commerce platform comes to fruition then the Canadian bank will be the first financial institution in the country to offer such services.
At the wear World Economic Forum in Davos, the Royal Bank of Canada’s CEO, David McKay, told the public that the monetary institution aims to leverage distributed ledger technology. “We’re experimenting with taking an asset and breaking it into pettier pieces and registering that in a decentralised register called blockchain. You can take an asset or even a company and create a segment on a decentralised blockchain and then sell that into the marketplace,” McKay said during a panel discussion.
Advert to with Schwartz, RBC spokesperson Jean Francois Thibault explained that the Canadian financial institution “like various other organizations, files patent applications to ensure proprietary ideas and concepts are protected.” Thibault would not validate to Schwartz whether or not the RBC would be constructing a new trading platform for cryptocurrencies.
#RBC, the largest Canadian bank that banned its patrons from buying #Bitcoin, could now become the first bank in the country to launch a #cryptocurrency exchange. Nice!#BTC #altcoins
— Weiss Crypto Ratings (@WeissCrypto) November 12, 2019
RBC’s Wherewithal Management Says the Possibilities of Cryptocurrencies Are Undeniable
Four new patents have been found that pertain to a crypto interchange, and RBC has roughly 27 blockchain-based patents in its portfolio. “In some situations, cryptographic asset transactions may take time to be authenticated, and/or may not be compatible or supported by merchant systems or point-of-sale devices,” an RBC trading platform patent states. “To individual users, handling cryptographic keys and transacting with different cryptographic assets can be a challenge,” the patent further emphasizes.
As early as 2015, the RBC articulated interest in blockchain and McKay explained that the technology was a “quantum innovation.” “It is a brand-new technology, and what do we de facto know about it? How cyber-secure is it? We are going to learn a lot more about it,” McKay told the publication American Banker. “Disposed what is at stake, it is not something you can rush to market with and fix as you go. You want it to work.”
Alongside this, RBC’s wealth management arm also published a report called “Bitcoin and beyond: Five tasks to know about cryptocurrency.” The RBC study notes there are plenty of risks associated with decentralized blockchain assets, but in the prolonged run “the possibilities of cryptocurrencies are undeniable.”
What do you think about the Royal Bank of Canada possibly building a cryptocurrency exchange platform for customers? Let us know what you think about this subject in the comments section below.
Image reliabilities: Shutterstock, RBC, Wiki Commons, and Fair Use.
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