Rajarshi Mitra
Independent Analyst
- 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.
Recommended Content
Editors’ Picks
Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference
Charles Hoskinson, the founder of Cardano, has warned the crypto trading community against scams. With market participants watching the upcoming Apple 2023 WWDC lined up for Monday, there is a rally in artificial intelligence-based (AI) tokens.
Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request
Terra LUNA Classic price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16.
Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September
Ripple has a 25% chance of winning its legal battle against the US Securities & Exchange Commission (SEC), according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory.
Why Solana price is primed for 30% rally
Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.