Royal Bank of Canada Is Not Planning to Launch Crypto Exchange

The Royal Bank of Canada (RBC) isn’t presently intending to develop or launch a digital currency exchange. 

Ed Jones, a representative from RBC, pushed back on media reports that Canada’s biggest bank was looking into building a cryptocurrency exchange, stating on November 19 that various ongoing patent applications filed by the bank don’t demonstrate any plan to really launch an exchange.

Canadian news source The Logic detailed a week ago that the bank was “exploring” the launch of a crypto exchanging platform. Different news sites grabbed the story or republished The Logic’s rendition.

Jones said these news sites speculated since RBC has filed various crypto and blockchain-related patent applications.

“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 representative said. “RBC has no near-term plans to launch a cryptocurrency exchange for clients.”

Different banks have filed patent applications identified with blockchain and digital currencies. Bank of America, for instance, has, for some time, been active in the blockchain space, applying for patents since 2014.

Bank of America still hasn’t revealed major crypto-related activities, but it has silently piloted Ripple’s distributed ledger technology and is generally engaged in the industry.

Jones clarified 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 stated.