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.
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