One of the most important Dutch banks, Rabobank, is analysing the possibility to develop a cryptocurrency wallet. This idea has been offered through the bank’s program known as “Moonshot.” At the moment, the bank has over €680 billion euros under management.
Rabobank Cryptocurrency Wallet
Apparently, the bank’s internal program “Moonshot,” has generated interesting ideas for helping the bank’s development. The program encourages employees to propose new innovative ideas that the bank could develop in the future.
According to a press release from the bank, published on February the 28th, the bank explains that is looking into different options for developing a cryptocurrency wallet. The bank’s official selection of “Moonshot” ideas will be announced in June. At the moment, the bank has developed a webpage named “rabobit” in which it presents the crypto wallet to the public and possible investors.
The main intention of this cryptocurrency wallet is to integrate the banking systems with cryptocurrencies. In this way, customers will have access to their bank accounts, send and receive funds, and at the same time manage their cryptocurrencies in “one environment.”
Rarbobit webpage says that storing cryptocurrencies in a wallet hosted by a trusted party guarantees security. Additionally, it is convenient because all the funds from the bank account are managed from a user-friendly environment, even cryptocurrencies.
But the bank has also shown its position against cryptocurrencies. Indeed, most of the major Dutch banks have refused to let entrepreneurs open a business bank account because of “too great compliance risks.”
“Bitcoins are considered to be risky products. Customers who trade in high-risk products van have a higher risk profile. It is conceivable that companies that deal with cryptocurrencies are seen as too risky and can therefore not be accepted as customer.”
Banks and Cryptocurrencies
Banks may have difficulties to find a clear position towards cryptocurrencies. Some of the most important banks in the world have already accepted that cryptocurrencies may affect their businesses.
But the technology behind cryptocurrencies may also be very important for banks. Indeed, several banks are implementing blockchain solutions in order to reduce costs and increase efficiency. Some banks in Europe are using blockchain technology to process security lending transactions.
Bank of America or JP Morgan have also been working with blockchain technology. JP Morgan’s CEO, Jamie Dimon, has commented in very positive terms about this technology. Besides that, several central banks and enterprises are embracing blockchain as well.
Rabobank’s intention to create a cryptocurrency wallet may not be a terrible idea after all. Banks need to find ways to compete against cryptocurrencies and an effective way may be by embracing them.
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