Canada's largest bank considering launching a cryptocurrency exchange
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Royal Bank of Canada (RBC) - the country's largest bank with more than $ 965 billion in assets under management, is likely to launch a cryptocurrency exchange.
According to The Logic reported on 11/11, RBC has filed for 4 patents in Canada and the US revealing how they can integrate cryptocurrencies into their operations.
“For individual users, managing cryptographic keys and transacting with different crypto assets can be challenging. In some cases, crypto-asset transactions can take time to be confirmed, and/or maybe incompatible or supported by commercial systems or point of sale devices, " from a patent.
Jean Francois Thibault, the RBC spokesperson, told The Logic that the bank, "like many other banking institutions, filed for patents to ensure that monopoly ideas and concepts are protected," but he declined to comment on the launch of the new trading platform.
RBC Bank may also offer its customers cryptocurrency accounts, according to the report. RBC is said to have published at least 27 blockchain-related patents over the past 3 years, including credit scores, vehicle records, digital rewards, and loan services.
There are a few cryptocurrency exchanges in Canada right now, as The Block reported last month. Notably, the cryptocurrency trading platform Einstein closed last week and owed customers more than $ 12 million in debt.
Interestingly, the Canadian central bank has also begun research on national cryptocurrency issuance.
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