T Skevington and M Bacina
Royal Bank of Canada reportedly ruminating on running cryptoasset exchange
Following a report in the Canadian Financial Post, various media outlets are reporting that the Royal Bank of Canada (RBC) will become the first Canadian Bank to build and launch a cryptocurrency exchange to facilitate the trading of cryptoassets, including Bitcoin and Ether, as well as the transfer of funds combining different types of cryptoassets.
RBC is reportedly also considering allowing customers to open bank accounts containing cryptocurrency balances.
These reports follow RBC's recent applications for four patents between the United States and Canada that detail how RBC might integrate cryptocurrencies into its operations (including this US patent and these Canadian patents).
While the patents do not relate specifically to cryptocurrency exchange technology, they do provide some insight into how RBC might intend to leverage its experience in custody, with one patent application reading:
To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices
RBC has yet to official confirm or deny the reports.