Major Dutch Bank Rabobank Exploring Idea Of Launching Own Cryptocurrency Wallet

Rabobank, a major Dutch bank with €681 bln under management, roughly equal to $838 bln, is looking into options for developing a cryptocurrency wallet within its online banking environment, according to a press release published Feb. 28.

The idea of a digital wallet for the bank’s own cryptocurrency project “Rabobit” was offered under the bank’s internal “Moonshot” program. The program encourages Rabobank’s employees to propose innovative ideas which can be further developed by the bank.

Although the bank’s official selection of “Moonshot” ideas for actual implementation will be announced in mid-June, Rabobank has already launched a one-page website to promote its potential Blockchain-based service and evaluate the public interest towards it.

According to the one-pager, if released, Rabobit will offer access to all of a customer’s funds “through one bank account”, and allow to “send and receive funds, including cryptocurrencies, in one environment.”

Rabobank, an international financial services provider that has approximately 8.7 million clients around the world, has not always maintained such an open-minded approach to the digital currencies. Last month, an unnamed representative of the bank stated that they considered Bitcoin to be a “risky” product, according to the NL Times news site.

“Ownership and value transfer are completely anonymous and evade supervision by third parties, such as a government. Which means that cryptocurrency does not meet the highest standards of compliance set by Rabobank," the bank’s representative said.

Back in November 2017, another major bank, South Korea’s Shinhan Bank, announced it was in the process of developing its own cryptocurrency wallet. However, disagreements among South Korean authorities about the correct approach to cryptocurrency regulation has put Shinhan’s plans on hold.