web analytics
TOP Online Casinos That Accept Cryptocurrencies
1st Deposit Bonus:
1 BTC
Bonus for New Players
100% MATCH BONUS
5.0 rating
5.0
1st Deposit Bonus:
2 BTC
Bonus for New Players
100% MATCH BONUS
4.5 rating
4.5
No Deposit:
1.5 mBTC FREE
Exclusive Offer
Claim Free Crypto!.
4.0 rating
4.0

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.

Also read: Bankers Start to Recognize Bitcoin’s Role in Financial Evolution

The Royal Bank of Canada May Launch a Crypto Exchange

A 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.

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.”

What do you think about the Royal Bank of Canada possibly building a cryptocurrency trading platform for customers? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, RBC, Wiki Commons, and Fair Use.


How could our Bitcoin Block Explorer tool help you? Use the handy Bitcoin address search bar to track down transactions on both the BCH and BTC blockchain and, for even more industry insights, visit our in-depth Bitcoin Charts.

The post Royal Bank of Canada Patents Point to Crypto Exchange Launch appeared first on Bitcoin News.



Source: Royal Bank of Canada Patents Point to Crypto Exchange Launch

Leave a Reply

Your email address will not be published.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

NOT REQUIRED
Bonus Code
Get 25 FREE SPINS on Book of Dead
NOT REQUIRED
Bonus Code
1.5 mBTC FREE
Valid Until: Dec 31, 2020
NOT REQUIRED
Bonus Code
100% match bonus based on first deposit of £/$/€20+. Additional bonuses.
Valid Until: Dec 24, 2019
N/A
Bonus Code
100% match bonus based on first deposit of £/$/€20+. Additional bonuses.
Valid Until: Dec 31, 2019