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Royal Bank of Canada To Launch Cryptocurrency Exchange




According to news published by The Logic on Nov. 11, The Royal Bank of Canada (RBC), Canada’s largest bank that generates over CA$40 billion a year and serves more than 16 million people is looking into the possibility of launching its own cryptocurrency trading platform.

The report comes as a surprise considering that just last year, RBC  banned all its clients purchasing Bitcoin or any other digital coins using credit or debit cards.

Nevertheless, it looks like the bank is looking to launch an exchange for investment purposes into Bitcoin, Ethereum and other altcoins.

Furthermore, RBC is also considering allowing its clients to make purchases online and even to open bank accounts in cryptocurrencies. As it stands now RBC will be the very first bank in Canada that may launch a cryptocurrency exchange and provide bank accounts in digital currencies to its clients.

According to news source the bank has already applied for four cryptocurrency-related patents in both Canada and the U.S. An extract from one of the patent states:

“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,” 

RBC spokesperson Jean Francois Thibault declined to provide any comments on actual exchange launch, but commented: “like many other organizations, the bank files patent applications to ensure proprietary ideas and concepts are protected,”.

Image source: Wikimedia

Arthur Webb: passionate about how technology can empower people to create a more just and sustainable world.

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