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 a crypto exchange, telling CoinDesk via email on Monday that a number of recent patent applications filed by the bank do not indicate any intention to actually launch an exchange.
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 that RBC has filed.
“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 spokesperson said. “RBC has no near-term plans to launch a cryptocurrency exchange for clients.”
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.
RBC image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.