Categories: News

Royal Bank of Canada Expands Experimentation with Blockchain Tech

Royal Bank of Canada (RBC), one of Canada’s largest financial institutions with close to $343 billion of assets under management, has revealed that it is expanding its experimentation with blockchain technology.

In November of last year, RBC announced that it was implementing a distributed ledger loyalty points program for its customers, in order to get its clients familiar with the novel technology.

In a recent interview with CoinDesk

, Linda Mantia, Executive Vice President of digital payments at RBC, indicated that the bank is interested in exploring the application of blockchain tech in cross-border remittance transactions and other parts of the financial system.

Mantia compares the invention of the blockchain and what it can do for the future of the global financial system, to what Amazon and eBay did for online commerce. A lot of hype has been generated around blockchain tech and VC firms have thrown millions into various startups, but Mantia says that only a certain percentage will survive in the long term:

“If you look at every major advancement enabled by technology, there’s always hype. Eighty percent of the money won’t make it, but the last 20% can be massive,”

RBC’s current loyalty points program allows outside merchants into the program and clients have the flexibility to choose where they want to spend their rewards. The idea is to get customers accustomed to the concept of alternative forms of currency, “We were moving pretty aggressively to let our clients think of it as another form of cash.” said Mantia.

Related Post

In statements to CoinDesk, Mantia also said that the bitcoin blockchain has value as a type of “currency for the global economy”.

RBC is part of R3CEV, a consortium of banks interested in distributed ledgers and their uses cases in financial markets.

 

Image credit: 1

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

2 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

3 hours ago

IntelMarkets (INTL) Receives Massive Demand From Chainlink And SUI Investors Looking To Position For The Best Bull Run Gains

As the cryptocurrency market gears up for a bull run, IntelMarkets (INTL) is attracting significant…

3 hours ago

FOMO Selling Trigger $1 Billion Liquidations as LINK & SOL Bleed Heavily; What to Do Next?

In the past, Chainlink (LINK) and Solana (SOL) have been among the most discussed altcoins…

8 hours ago

Qubetics $7.4M Presale Revolutionises Blockchain as Bitcoin and Chainlink Drive Innovation: Best Cryptos to Buy for 2025

The crypto market is abuzz with excitement as 2025 approaches. While Bitcoin continues to dominate…

14 hours ago

Best Altcoins to Buy Today: Why Qubetics’ Presale Could Be the Best Investment Opportunity of 2024

The cryptocurrency market never sleeps, and every day feels like an adventure. From household names…

20 hours ago