The Royal Bank of Canada (RBC) is reportedly taking steps towards setting up a cryptocurrency exchange while enabling cryptocurrency accounts for its users. In what looks like a serious step forward in terms of cryptocurrency adoption, the Royal Bank of Canada (RBC) is reportedly exploring launching a trading platform for investments which would include Bitcoin, Ether, and other digital currencies.
The patent paperwork read as follows:
“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.”
Moreover, the bank is also looking into the opportunity of allowing its customers to open bank accounts that contain cryptocurrencies. RBC would be the very first bank in Canada to launch a cryptocurrency exchange or to offer accounts containing digital currencies.
Washington D.C-based firm, Rimon Law’s Marc Kaufman, pointed out that,
“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.”
RBC would be the first Canadian bank to launch a cryptocurrency exchange or offer its customers crypto accounts. The bank has applied for 4 patents in Canada and the US which explains how RBC plans to integrate cryptocurrencies into its operations.