Canada’s largest bank with over $965 billion in total assets plans to launch a cryptocurrency trading platform.
A Canadian news site reported the news on Monday, saying that the bank has applied for four patents in Canada and the U.S. which reveals how it might integrate cryptocurrencies into its operations.
One of the 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 (RBC) is said to have published at least 27 blockchain-related patents in the past three years, including credit scores, vehicle records, digital rewards and loan offerings.
There are a few cryptocurrency exchanges thriving in Canada, but a Vancouver-based crypto exchange got shut down by the British Columbia Securities Commision (BCSC) for owing customers more than $12 million.