The Canadian Royal Bank is exploring to build the cryptocurrency trading platform where it can facilitate its customers buying and selling of digital currencies. The buying and selling of coins will include some of the top cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. They are also exploring to enable the transference of funds that include cryptocurrencies.
The bank is also looking forward to open accounts for a customer that will contain cryptocurrencies. From the exploration of the cryptocurrencies, it seems that the bank is taking serious steps towards it. By doing so, they become the first bank to launch a cryptocurrency exchange or to offer accounts for digital currencies.
The bank thinks that in this way, they can understand the way people spend their money and will also help to combat the direct threat these currencies can pose.
Marc Kaufman, a lawyer of Washington-based law firm, has said any of the big banks across the world still do not have patents related to these cryptocurrencies. RBC will be the first bank to foray into the arena of digital currencies. It is the first bank to use blockchain technology to transfer payments to American Banks. They also used the same technology to verify customer identities.
The bank is exploring digital currencies for quite a long time now. Canada is not the only country that is exploring digital currencies; the Central Bank of Switzerland is ready to launch its trading platform after exploration. China, Singapore, and Sweden are also putting efforts into research on the same field.