QuadrigaCX, Canada’s largest bitcoin exchange based on 30-day volume, says it is launching a Blockchain R&D lab.

The company, now called Quadriga Fintech Solutions Corp, says that the lab will be the first in Canada.

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Its first project would be the development of a blockchain-based client database for financial crime prevention, as well as what the company referred to as “machine to machine (M2M) payments” with Internet of Things (IoT) providers for connected cities.

Both applications are particularly relevant in the bitcoin exchange business. Quadriga’s CEO Gerald Cotton said that the exchange has the largest existing database of bitcoin trader data in the country, “so it was a natural progression for us to move forward with research into the Blockchain and to take a leadership role on Blockchain in Canada.”

The move comes as multiple segments of the Bitcoin economy, including exchanges and mining, are quietly transitioning to rebrand themselves under the blockchain banner and announcing new development initiatives.

“Blockchain” has overtaken “Bitcoin” in popularity, becoming one of the hottest disciplines in FinTech and enjoying near-universal recognition in both the cryptocurrency and mainstream financial worlds.

Earlier this year, Quadriga had announced plans to have its shares listed on the Canadian Securities Exchange as of this past April, but the plans were shelved. Finance Magnates has requested more details, but did not receive a response as of the time of the writing of this article.