Royal Bank of Canada Patents Point to Crypto Exchange Launch

The largest bank in Canada by market capitalization, Royal Bank of Canada (RBC), is reportedly opening a cryptocurrency exchange. Patents have been discovered that reveal some of the technology the RBC may implement, which could be used to bring digital currency trading to the bank’s 16 million clients.

The Royal Bank of Canada May Launch a Crypto Exchange

report stemming from the publication The Logic claims that the RBC is currently exploring the construction of a digital currency trading platform. Columnist Zane Schwartz wrote on November 11 that the bank will give customers the ability 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 well. “The bank is also looking into letting customers open bank accounts containing cryptocurrency,” Schwartz wrote. If the crypto trading platform comes to fruition then the Canadian bank will be the first financial institution in the country to offer such services.

Royal Bank of Canada Patents Point to Crypto Exchange Launch

At the last World Economic Forum in Davos, the Royal Bank of Canada’s CEO, David McKay, told the public that the financial institution aims to leverage distributed ledger technology. “We’re experimenting with taking an asset and breaking it into smaller pieces and registering that in a decentralised register called blockchain. You can take an asset or even a company and create a unit on a decentralised blockchain and then sell that into the marketplace,” McKay said during a panel discussion.

Speaking with Schwartz, RBC spokesperson Jean Francois Thibault explained that the Canadian financial institution “like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected.” Thibault would not confirm to Schwartz whether or not the RBC would be constructing a new trading platform for cryptocurrencies.

Weiss Crypto Ratings@WeissCrypto

#RBC, the largest Canadian bank that banned its clients from buying #Bitcoin, could now become the first bank in the country to launch a #cryptocurrency exchange. Nice!#BTC #altcoins3910:50 PM – Nov 12, 2019Twitter Ads info and privacySee Weiss Crypto Ratings’s other Tweets

RBC’s Wealth Management Says the Possibilities of Cryptocurrencies Are Undeniable

Four new patents have been found that pertain to a crypto exchange, and RBC has roughly 27 blockchain-based patents in its portfolio. “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,” an RBC trading platform patent states. “To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge,” the patent further emphasizes.

Royal Bank of Canada Patents Point to Crypto Exchange Launch
A while back, RBC’s wealth management service published a report outlining the benefits and risks tethered to digital currencies.

As early as 2015, the RBC expressed interest in blockchain and McKay explained that the technology was a “quantum innovation.” “It is a brand-new technology, and what do we really know about it? How cyber-secure is it? We are going to learn a lot more about it,” McKay told the publication American Banker. “Given what is at stake, it is not something you can rush to market with and fix as you go. You want it to work.”

Royal Bank of Canada Patents Point to Crypto Exchange Launch
Royal Bank of Canada patent CA 3038757: A system and method for handling crypto-asset transactions.

Alongside this, RBC’s wealth management arm also published a report called “Bitcoin and beyond: Five things to know about cryptocurrency.” The RBC study notes there are plenty of risks associated with decentralized blockchain assets, but in the long run “the possibilities of cryptocurrencies are undeniable.”

Source: news.bitcoin.com

12 thoughts on “Royal Bank of Canada Patents Point to Crypto Exchange Launch

  1. Great weblog here! Additionally your site a lot up fast! What host are you the usage of? Can I am getting your affiliate link on your host? I wish my website loaded up as quickly as yours lol

  2. I have learn several just right stuff here. Certainly price bookmarking for revisiting. I wonder how a lot effort you set to make the sort of excellent informative web site.

  3. “Having read this I believed it was really informative. I appreciate you finding the time and effort to put this information together. I once again find myself personally spending a significant amount of time both reading and posting comments. But so what, it was still worthwhile!”

  4. You made some respectable points there. I regarded on the internet for the issue and located most people will go together with together with your website.

  5. Hey there! I know this is kinda off topic but I was wondering if you knew where I could find a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having trouble finding one? Thanks a lot!

  6. “Hey there. I discovered your website by means of Google at the same time as searching for a comparable subject, your site got here up. It seems good. I have bookmarked it in my google bookmarks to come back then.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Language »