February 5, 2023

Canada's largest bank to launch cryptocurrency platform

Canada's largest bank to launch cryptocurrency platform

The largest Canadian bank, Royal Bank of Canada (RBC), operating more than $ 965 billion, may launch its own cryptocurrency trading platform.

According to some Canadian media reports, the RBC filedan application for four patents, just indicating that the bank can integrate cryptocurrency operations into its work, although bank representatives have so far refused to comment on the launch of such a platform.

One RBC Patent Talks About Managing “Cryptographic keys”, “conducting operations with various cryptocurrency assets” and "Compatibility with trading systems or outlets". The patent also states that “The bank can offer cryptocurrency accounts to its customers”.

Over the past three years, RBC has published 27 blockchain technology patents that also mention “Credit points”, “digital reward” and “Loan offers”.

A survey conducted by the central bank of Canada inearly October 2019, showed that 5% of Canadians have bitcoins. In addition, Canada is attracting mining business due to its colder climate and lower energy costs. A 2018 Deloitte survey also revealed that more than half of Canadian companies invest in blockchain technology.