Royal Bank of Canada Denies Any Intentions of Launching a Cryptocurrency Exchange

Recent news reports were speculating that the leading Canadian financial services provider is expanding operations to crypto. This was first reported by The Logic, a Canadian news source; other outlets picked up the story leading to hype about the ‘strategy’ by RBC. According to Jones’ email, this news is misguided;

“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,”

He added that the RBC had no short-terms goals or interests of launching a crypto exchange. Jones was also keen to note that they were not the only big bank with an appetite for FinTech related patents.

Bank of America Blockchain-Related Patents

The American financial services giant has been active in blockchain innovations since 2014. So far, it is among the leading institutions in the number of patented ideas in this space. Despite the aggressiveness, the bank is yet to launch any crypto-related project within its development. This is not a surprise given the regulatory atmosphere for digital assets in the U.S with the likes of Libra creating more controversy.

Jones compared the RBC applications to those of Bank of America noting that they were only part of a discovery and innovation process. Furthermore, the RBC spokesman viewed filing patents as an effective move to protect their Intellectual Property.