Dutch Bank Planning to Create Cryptocurrency Wallet for Customers
Dutch international banking giant, Rabobank, has said that they plan on integrating a cryptocurrency wallet into their banking system that would be available to their clients alongside traditional asset accounts.
The bank is considered to be the global leader in financing for agriculture and sustainability-oriented banking practices. They serve over 7 million Dutch customers with millions more in the 44 other countries they operate in. This makes them one of the largest banks to show serious interest in taking on the cryptocurrency space instead of running for the hill whenever a client mentions cryptocurrency.
The current stage of the project is still in the research and development stage but once it is built, it would allow the bank’s customers to store their cryptocurrency and their traditional fiat funds in the same account. There would also be buy and send and receive feature, making the endogenous Rabobit wallet a secure location to house your coins. And since it is being built under the same secure umbrella that Rabobank uses for its other services, the coins will have the same protection other information has on their servers with the added security of the blockchain powered wallets.
Rabobit is just one of the nearly 22 other proposals that bank has come up with to help bridge the gap between traditional banking and the cryptocurrency space. This push for a cryptocurrency wallet to be part of the Rabobank service seems to be counter to the bank’s opinion historically on bitcoin and the cryptocurrency market in general. A Rabobank representative states last month that:
“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.”
Their tone seems to have changed considering the growing public demand for quality cryptocurrency wallets that are both secure and functional. Banks will be inherently terrified of cryptocurrency and the blockchain industry because they know that the success of those things means their undoing. Cryptocurrency gives people the ability to transact without having to send any information through a bank or third-party, something that Rabobank and other forward-thinking companies recognize. Instead of fearing and opposing the new technology, this banks seems to be taking a different approach, one that might help the industry significantly in the long run.
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