Royal Bank of Canada Could Launch Cryptocurrency Exchange

Canada’s largest bank, the Royal Bank of Canada, may be launching its own cryptocurrency trading platform. According to a report by The Logic, they have filed for four patents in the US and Canada. These patents include the possibility of adding cryptocurrencies into their business.

The bank currently operates and manages total assets worth $965 billion, therefore having them join the crypto revolution would be huge for the space.

The document reveals that the Royal Bank of Canada understands that having users manage their own cryptographic keys and sending of assets could be difficult for some individuals, it also states that sending various types of crypto can take some time as the network could become congested. Some cryptocurrencies may not be compatible with the seller’s payment methods, therefore not allowing the purchase of some goods.

The Royal Bank of Canada have applied for 27 blockchain-related patents over the past three years. They can also offer its customers specialized accounts for storing cryptocurrencies. A bank representative said:

“Like many other organizations, we apply for patents to guarantee the protection of our own ideas and concepts.”

A partner at Rimon Law had the following to say:

“I can’t think of one of the big banks anywhere in the world that has a patent that directly relates to a crypto exchange.”

This patent could change the way companies interact with cryptocurrencies and how they go about protecting their brand and products, pathing the way for a brighter future in blockchain technology, as well as bringing it mainstream.

Sources

https://cryptos.com/royal-bank-of-canada-could-launch-cryptocurrency-exchange/