Rabobank, A major Dutch bank to launch its own Cryptocurrency wallet

Rabobank, a major Dutch multinational banking and financial services company headquartered in Utrecht, the Netherlands with $838 bln under management is looking forward to provide its customers a Cryptocurrency wallet within its online banking system.

Rabobank ranks among the 25 largest financial institutions in the world in terms of Tier 1 capital. The bank serves more than 7 million Dutch individual and corporate clients, offering a full range of financial services. Globally, the Rabobank group operates in 44 countries.

According to a press release published Feb. 28.

The bank handles a “Moonshot” program which encourages Rabobank’s employees to propose innovative ideas which can further be developed by the bank. Hence, the idea of Cryptocurrency project “Rabobit” was showcased. Instead of waiting till mid-June Rabobank broke patience and launched a one-page website to promote its potential Blockchain-based service and evaluate the public interest towards it.

Rabobit(one of 22 ideas considered for further development), would allow the bank’s customers to store cryptocurrencies in a wallet hosted by Rabobank, within the bank’s secure online banking environment. The Rabobit wallet would be integrated with the Rabobank apps.

It’s also worth considering that Rabobank had earlier expressed a negative attitude towards cryptocurrencies. Bank’s representative stated “Ownership and value transfer are completely anonymous and evade supervision by third parties, such as a government,” further added,” which means that Cryptocurrency does not meet the highest standards of compliance set by Rabobank.


Final Opinion:-

It isn’t surprising that different opinions co-exist on topics like Blockchain and Bitcoin in large institutions like Rabobank too but the bank still officially gave green light to the Rabobit project and is approaching to implement the Cryptocurrency wallet.

Back in November 2017, South Korea’s major bank Shinhan Bank, announced that it was in the process of developing its own Cryptocurrency wallet. However, its plan was put on hold due to some disagreements among the South Korean authorities.

But it’s feels great to hear that slow and steady everyone is accepting this trend.

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