October 19, 2021

The largest Canadian bank is not going to launch its cryptocurrency exchange

The largest Canadian bank is not going to launch its cryptocurrency exchange

After reports in the Canadian media about RBC's intentions to launch a cryptocurrency exchange, the bank’s press secretary made a refutation of this information.

The representative of the bank suggests that this conclusion was made after the recent filing of RBC patent applications in the field of cryptocurrencies and blockchain.

Applications detail how RBC canintegrate cryptocurrencies in their activities. Although patents are not directly related to cryptocurrency exchange technology, they do provide some insight into how RBC can use its experience in storing and managing assets in the crypto industry. The spokesman called this interpretation of the bank’s thematic patents speculation and noted that RBC does not plan to launch a cryptocurrency platform in the near future.

At the moment, RBC already has about 27 patents in its portfolio related to blockchain technology. All of them relate to research on new technologies and their application in the financial sector.

According to representatives of the bank, such patents serve to “protect corporate ideas and concepts” and cannot serve as proof of the creation of a platform for trading digital currency by the bank.

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