Share:
  • The bank's customers will be able to trade in cryptocurrencies, including Bitcoin and Ethereum.
  • The bank had previously used blockchain technology for identity verification of its clients.

Canada’s largest bank, the Royal Bank of Canada (RBC), will likely deploy a cryptocurrency trading platform bearing many use-cases for its customers. Users will be able to buy and sell digital assets, including cryptocurrencies like Bitcoin (BTC) and Ether (ETH). Besides, customers can use their currencies for in-store or online purchases.  

Back in 2018, the bank had blocked cryptocurrency acquisition through its accounts. However, the bank is currently allowing customers to open bank accounts containing cryptocurrency. RBC will become the first traditional bank in Canada to launch a cryptocurrency trading platform as well as provide digital asset accounts. RBC had recently filed for four patents in Canada and the US. The bank wanted to check whether it can integrate digital assets into its operations.

RBC’s applications will likely address significant issues that cryptocurrency exchanges mainly face. This includes weak security measures, along with private key storage, as well as a lack of regulation enforcement for anti-money-laundering provisions. RBC has filed many patents regarding digital assets, cryptographic proofs as well as settlement systems in the past three years. In 2017, the bank had tested blockchain technology while settling payments between its Canadian and American offices. It has also used the technology for identity verification of its clients.    

Besides, the bank is set to offer services for tokenized assets such as tokenized equities, bonds, or company stocks. The bank believes that the new technology will lead to the creation of new marketplaces. This will result in the quick settlement and secure trading of financial instruments, representations of value as well as physical objects.  
 


 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Shiba Inu price stagnancy brings investors’ losses to a 28-month high

Shiba Inu price stagnancy brings investors’ losses to a 28-month high

Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.

More Shiba News

LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier

LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier

Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.

More Lido DAO News

THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range

THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range

THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27.  RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.

More Rune News

Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability

Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability

Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.

More Chainlink News

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.

Read full analysis

BTC

ETH

XRP