Rabobank drops plans to launch cryptocurrency wallet

Monday 27 May 2019 10:41 CET | News

Rabobank, a large Dutch bank, has announced that it will stop working on its plan to roll out a cryptocurrency wallet.

The wallet is dubbed Rabobit and is a cryptocurrency wallet service that was part of the Rabobank Moonshoot fintech innovation program launched in 2018. It aimed to bridge the gap between bank accounts and cryptocurrency wallets.

The bank representative cited unsuitable regulatory conditions and unclear legislative approaches to cryptocurrencies as reasons for deciding not to pursue Rabobit any further, according to the Token Post. However, according to a bank’s spokesperson, the decision was not entirely put into vain as the project has brought valuable insights and experiences.

Rabobank also noted the bank will not close its doors on blockchain and cryptocurrency.

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Keywords: Rabobank, cryptocurrency, wallet, crypto, Rabobit, Netherlands, blockchain
Countries: World