By Hassan Mehmood (Saudi Arabia)
Canada’s largest bank is planning to launch its own cryptocurrency exchange platform.
The Royal Bank of Canada (RBC) is the largest bank of Canada with over $900 billion in total assets and aims to launch its own crypto exchange.
The news was reported by the innovation economy news outlet The Logic on Monday 11th Nov. The Logic report says that the largest bank of Canada is looking to launch its crypto exchange and have made certain plans for this.
According to the report, the RBC has filed four public patent applications in Canada and the US. This shows how much the RBC bank is intended to launch its crypto exchange platform.
Out of these four public patents, one patent reads:
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.
The Royal Bank of Canada might allow users to buy crypto in-store and online as well. According to the patents, the RBC might also let customers open their bank accounts containing cryptocurrency.
Also read:It will make the Royal Bank a pioneer in the country as it would be the first to offer cryptocurrencies to its customers through its crypto exchange platform.
There are currently few crypto exchanges left in Canada as some of the local exchanges have been tagged with a bad reputation. An exchange QuadrigaCX was locked as its users lost an amount of $190 million in deposits. Earlier this year, another crypto exchange Einstein owing $12 million to its customers was locked.
On its crypto exchange, the RBC bank will give its users and customers easy access to the crypto assets such as Bitcoin (BTC), Ripple (XRP), and Ether.
The patents of the RBC bank also state that the customers can buy cryptocurrencies by using VISA and MasterCard and then can transfer their assets into the RBC account.
The Logic report further says that there are some other banks throughout the world which have applied for such patents and one of them has succeeded as well.
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