No, Royal Bank of Canada Isn’t Opening a Crypto Exchange

The Royal Bank of Canada (RBC) is not currently planning to build or launch a cryptocurrency exchange, CoinDesk has confirmed.

RBC spokesperson Ed Jones pushed back on recent media reports that Canada’s largest bank was exploring the development of the crypto exchange. Telling CoinDesk via email on Monday that a number of recent patent applications filed by the bank.

Canadian news source The Logic reported last week that the bank was “exploring”, the launch of a crypto trading platform. A number of other news sites picked up the story or republished The Logic’s version.

Jones said these sites speculated on the purpose of a number of crypto and blockchain-related patent applications.

Numerous other banks have filed patent applications related to blockchain and cryptocurrencies. Bank of America, for example, has long been active in the blockchain space, filing for patents as early as 2014.

Jones explained 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 said.

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