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Canadian banking giant wants to launch a Bitcoin bank account and crypto currency exchange

While half the world is in a race for its own crypto currency, banks are still struggling to promote real crypto-adoption. In Canada the situation is different because, according to a report, the Royal Bank of Canada (RBC) plans to launch its own Bitcoin exchange and a Bitcoin bank account soon. RBC has been using blockchain technology for some time.Therefore, this move is not really surprising.

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The RBC would be an important pioneer in Canada when it comes to bank accounts with crypto currencies. This topic is more than relevant with the recent state of crypto currency. 

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Bitcoin bank account might soon be available in Canada

The Logic report shows that the RBC has filed for four major patents in Canada and the US. This is an important indication that the bank could soon integrate crypto currencies into its operations and banking business. This might be the birth of a real Bitcoin bank account in Canada, or at least it would be an important step in crypto-adoption and a real sign that such a large bank is addressing the issue.

There was no official confirmation of the plans and the RBC spokesman denied an imminent launch of the Crypto Exchange and the Bitcoin bank account.

However, the patents are clear, as one of them states: “For individual users, managing crypto-currency keys and transactions with various crypto assets can be a challenge. In some situations, crypto asset transactions can take time to be confirmed and/or are incompatible, or not supported by merchant systems or point-of-sale devices.”

Also, for Rimon Law, attorney in Washington D.C., this is a clear indication of an imminent launch of an RBC Bitcoin stock exchange: “I do not know a major bank anywhere in the world that has a patent directly related to a crypto trading platform.”

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RBC has used blockchain technology for some time

RBC has been using blockchain technology for some time, with the bank announcing in 2017 that it is using the technology to facilitate cross-border payments between Canadian and American banks. Therefore, the newly announced patent application regarding a Bitcoin stock exchange and possible Bitcoin bank accounts is not really surprising. In the last 3 years, the Canadian banking giant has already published 27 patents relating to blockchain technology. But none of them pointed so clearly to its own crypto trading platform.

Patents include blockchain-based credit checks, vehicle records, digital rewards systems and credit offerings. All kinds of use cases for blockchain and RBC.

Bitcoin, Mining and Crypto Adoption in Canada – every 20th Canadian owns BTC

A study by the Bank of Canada in early October found that 5% of Canadians own Bitcoin. In addition, due to the colder climate and low energy costs, the country is well positioned to attract mining companies. Not only is national interest in crypto currencies growing, but a 2018 Deloitte survey found that 51 percent of Canadian companies invest in blockchain.

Bitcoin, blockchain and crypto currencies are therefore hot topics in Canada. The step of the RBC into having its own Bitcoin & Crypto stock exchange and a Bitcoin bank account are thus surely only logical and is the harbinger of the state of crypto currency of Canada.

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(Featured image by geralt via Pixabay)

First published in CRYPTOMONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Andrew Ross is a features writer whose stories are centered on emerging economies and fast-growing companies. His articles often look at trade policies and practices, geopolitics, mining and commodities, as well as the exciting world of technology. He also covers industries that have piqued the interest of the stock market, such as cryptocurrency and cannabis. He is a certified gadget enthusiast.