The Royal Bank of Canada (RBC) which is headquartered in Canada is apparently ready to turn to crypto and open its own cryptocurrency exchange. The crypto news story was confirmed in a report from The Logic and the media outlet claims that it has learned that the RBC wants to allow customers to trade in cryptocurrencies such as Bitcoin and Ethereum – mainly for investment purposes.
However, the RBC bank also wants to provide a platform for in-store and online crypto purchases. The Royal Bank of Canada plans to include offering customers cryptocurrency bank accounts, even though the media outlet said that RBC has not responded directly to the requests for comments about the scheduled launch of the exchange.
So far, the Royal Bank of Canada (RBC) has registered even four cryptocurrency banking related patents in the country and has been exploring various blockchain technology banking applications since 2017.
As a report submitted on The Logic outlet shows, RBC is certain that this can be a challenge.
“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.” an excerpt from the patent paperwork noted.
Analysts right now are also commenting on the case. As Marc Kaufman who is a Washington DC based partner at Rimon Law said, “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 CEO of Royal Bank of Canada (RBC), David McKay, spoke about the bank’s experiments with blockchain technology, too. He was in the blockchain news earlier this year when he said that “blockchain is an opportunity in the future to take assets that are less liquid and make them more liquid. I think that’s exciting.”
If the Royal Bank of Canada proceeds with the crypto exchange launch, it might immediately become the most prominent domestic exchange in the sector and a major international player. As stats from the recent report show, the net income for Q3 at RBC was USD 2.5 billion, while the quarterly revenue was USD 8.7 billion in the same period. When it comes to assets, it possessed more than USD 1 trillion at the end of Q3.
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