U.S. Markets close in 5 hrs 43 mins

No, Royal Bank of Canada Isn’t Opening a Crypto Exchange

Nikhilesh De

The Royal Bank of Canada (RBC) is not currently planning to build or launch a cryptocurrency exchange, CoinDesk has confirmed.

RBC spokesperson Ed Jones pushed back on recent media reports that Canada’s largest bank was exploring the development of a crypto exchange, telling CoinDesk via email on Monday that a number of recent patent applications filed by the bank do not indicate any intention to actually launch an exchange.

Canadian news source The Logic reported last week that the bank was “exploring” the launch of a crypto trading platform. A number of other news sites picked up the story or republished The Logic’s version.

Related: US Crypto Firms Will Soon Have Another Banking Option

Jones said these sites speculated on the purpose of a number of crypto and blockchain-related patent applications that RBC has filed.

“While RBC does not comment on ongoing proprietary research and development, we can confirm that these patent filings are not in support of work towards a cryptocurrency exchange for clients,” the spokesperson said. “RBC has no near-term plans to launch a cryptocurrency exchange for clients.”

Numerous other banks have filed patent applications related to blockchain and cryptocurrencies. Bank of America, for example, has long been active in the blockchain space, filing for patents as early as 2014.

Bank of America has yet to announce any major crypto-related initiatives, though it has quietly piloted Ripple’s distributed ledger tech and is otherwise engaged in the space.

Related: Northern Trust Testing Fractionalized Bonds on Blockchain

Jones explained that RBC filed applications “as part of the innovation and discovery process.”

“RBC, like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected,” he said.

RBC image via Shutterstock

Related Stories