At a time in history, most mainstream firms did not have any dealings between the cryptocurrency industry as the market was still very niche and many within the mainstream financial world were not convinced of its viability in the long term. However, this has since changed as cryptocurrency has seen an explosion in both institutional and individual attention in the last few years and many prominent firms such as Facebook and J.P. Morgan have entered the cryptocurrency industry in one way or another. Now, it is not far-fetched to imagine that prominent financial, tech and so on firms would be interested in crypto.
It seems, however, that the Royal Bank of Canada which is Canada’s largest bank with $499 billion in assets under their management, will not be entering the cryptocurrency business as they have refuted rumors of them launching their own crypto exchange.
Royal Bank of Crypto
This comes after in the last few weeks, they were rumors of the Royal Bank of Canada launching its own crypto exchange that would “facilitate the buying and selling of individual digital coins, including Bitcoin (BTC) and Ether (ETH), as well as the transfer of funds combining different types of cryptocurrencies.”
These rumors, the bank says, were sparked due to a number of patent applications that they have made in recent times which are related to blockchain technology and while they confirm that these patent applications with made, they stated that they do not intend to release any cryptocurrency exchange for their customers in the near future.
“As part of the innovation and discovery process, RBC, like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected,” they said.
While the Royal Bank of Canada will not be getting themselves involved in cryptocurrency exchanges in the near future, there has been an increase in mainstream institutions both public and private, getting involved in cryptocurrency. This ranges from Facebook and their current regulatory issues with their Libra token to the central bank of Tunisia which will begin testing their digital currency from next year. Regardless, it is obvious that cryptocurrency is taking its place within the world.