• 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.

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