January 31, 2023

The largest bank in Canada has filed a patent to launch a cryptocurrency exchange

Customers of The Royal Bank of Canada will be able to store cryptocurrency in bank accounts and pay it in stores and the internet.

Largest Bank of Canada The Royal Bank of Canada(RBC) has filed a 4-patent application to integrate digital assets into its system. This will give the company the opportunity to launch a trading platform for the exchange of cryptocurrencies, such as Bitcoin and Ethereum, reports The Logic.

“For individual users, managementcryptographic keys and operations with various crypto assets can be a problem. In some situations, it may take some time to confirm transactions with cryptographic assets, and / or they may be incompatible or not supported by trading systems or outlets, ”says one of the patents.

If approved, RBC will be able tooffer its customers the opening of bank accounts with the ability to store digital assets. With their help, bank customers will be able to make purchases in stores and the Internet.

RBC spokesman Jean Francois Thibault saidthe bank, "like many other organizations, is applying for patents to ensure the protection of its own ideas and concepts." The representative of the bank did not comment on the launch of the cryptocurrency platform.

Over the past three years, The Royal Bank of Canadapublished at least 27 patents related to distributed ledger technology, including credit ratings, vehicle accounting, and loan offers. Since 2017, the bank has been using a blockchain-based system to transfer payments to American banks and to verify the identity of its customers.