Canada’s biggest bank exploring to launch cryptocurrency trading platform

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.

About Author

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on