Canada’s Largest Bank May Launch Crypto Exchange

November 12, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The largest Canadian bank, Royal Bank of Canada, with total assets under management of $965 billion, may launch its own cryptocurrency trading platform.

According to The Logic, the bank has filed applications for four patents in Canada and the United States, which indicate the possibility of integrating cryptocurrencies in its operations.

Managing cryptographic keys and transferring various cryptographic assets can be difficult for individual users. In certain situations, the confirmation of transactions of cryptographic assets may take some time. In addition, they may not be compatible with the seller’s payment acceptance device, the document says.

According to The Logic, Royal Bank of Canada initiatives in this area can lead to the creation of a platform for the purchase, sale and transfer of cryptocurrencies. A bank representative said in a conversation with the publication:

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

Mark Kaufman, a partner at Rimon Law, a Washington firm, outlined:

“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.”

The publication also says that the Royal Bank of Canada can offer its customers specialized accounts for storing cryptocurrencies. Over the past three years, the bank has registered 27 blockchain-related patents.

Author: Marko Vidrih