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

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

2 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

2 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

2 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

3 hours ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

4 hours ago

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

6 hours ago