Dutch Bank Rabobank Cancels Crypto Wallet Project

News | May 28, 2019 By:

Rabobank, a Dutch multinational banking and financial services company, has canceled its plans to develop a cryptocurrency wallet.

In February 2018, the bank announced a cryptocurrency wallet service, called Rabobit, that was part of the Rabobank Moonshoot FinTech innovation program, promising to bridge the gap between bank accounts and crypto wallets.

In a recent article by technology news outlet The Next Web, the bank said that it will no longer push through its plan to roll out Rabobit.

“After careful consideration with our customers in mind we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation,” a spokesperson of the bank told the outlet.

The Rabobank spokesperson cited current regulatory conditions and legislative questions that still lack clear answers as reasons for why the bank decided not to pursue the project.

“For instance, Dutch authorities, AFM (market conduct supervision) and DNB (Dutch central bank, financial stability) recommend regulations of cryptos at an international level,” the spokesperson said.

The spokesperson, however, said that the project was not entirely put in vain because it has “led to valuable insights and experiences for work in general,” adding that the bank hasn’t ruled out reopening its investigations into blockchain and cryptocurrency.

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications,” the spokesperson said. “The bank will keep an eye on the market and regulatory developments within the industry.”