The Royal Bank of Canada (RBC), the largest bank in Canada, has filed four patent applications in the US and Canada that indicate that the bank might establish a cryptocurrency trading platform and open crypto accounts to its customers, reported news outlet Logic on November 11.
According to the news outlet report, RBC bank might consider offering its clients the opportunity to purchase goods online and offline for cryptocurrencies, as well as the exchange service.
In the cited patent filing, the bank is building a business case on the fact that “managing cryptographic keys and transacting with different cryptographic assets can be a challenge” for individual customers, while the bank can serve as a middleman and simplify transactions for its customers.
So far the bank has not shared any details on the matter and has declined to comment. But in general, RBC has reportedly submitted more than 25 blockchain-related patents in the past three years.
Interestingly, while preparing these blockchain-related patents, last year the bank banned its customers from using RBC cards for transactions with bitcoin and other cryptocurrencies, as did other major banks in the country.