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Rabobank Unveils Their Cryptocurrency Wallet Service

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March 2, 2018 | 

Joanna Newman |  0 Comments| 

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Around the world, major banks and financial institutions have been writing an exacerbated skepticism under their skin and into their DNA. Still, despite their obvious apprehensions, more and more banks are starting to warm up to the idea of cryptocurrency.

In recent news, Circle, a start-up company owned by Goldman Sachs, acquired Poloniex for €325 million Euro. And, today, Rabobank has decided to lend a helping hand to the industry.

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Despite have shunned and criticized Bitcoin and other cryptocurrencies, the Dutch company, Rabobank has now conceived the “Rabobit” project, which is a wallet service dedicated to cryptocurrency users.

The service offers its clients the ability to store their digital currencies in a secured bank account held by a trusted banking institution. Moreover, the Rabobit project is only one of 22 potential innovations that Rabobank is working on as part of their internal Moonshot development program.


Waiting for Formalization


This is a major turnaround in the banking world and now, it seems that the perspective of financial authorities towards cryptocurrency has completely changed. So much so that some internet users have even accused the new project of being a scam since its website is nothing more than one page with a registration form on it.

However, on Twitter, the bank’s managers have denied the allegations by asserting the reason for the single-page website is there has not been any official decisions made regarding the project, that it’s still not a sure thing and that more information will be made available soon. “The project has still not been put in place and there has still not been any official decisions made as to how the project will be introduced. As soon as there is more information, we will make it known to the public.”

Also, it is important to note that the credibility of the bank has been called into question ever since they were involved in a money laundering scam with a Mexican drug cartel. And, after being found guilty, the bank was sentenced to paying more than $370 million dollars in fines.


Financial Institutions Warm Up to Cryptocurrencies


Today, Rabobank is not the only third-party interested in providing cryptocurrency wallets for their clients. And, since cryptocurrency exchanges are becoming a popular target for cybercriminals, a secure and trustworthy portfolio would be more than welcomed by many. Over the last few years, cyber-attacks have become more frequent and even some of the biggest exchanges like Coincheck, NiceHash, Bithumb, and EtherDelta have become victims.

Rabobank is not the first financial institution to reveal plans for a cryptocurrency service. Before the country’s reform on cryptocurrency, Shinhan, the second largest bank in Korea had revealed plans for a similar project.

Elsewhere, in the Netherlands, companies that specialize in Blockchain technology are constantly looking for new ways to form partnerships with banks. Still, they are met by a lot of resistance since most major financial institutions are still divided on the subject. Some banks have even started to impose harsh penalties to account users who have traded and dealt with digital currency.

Still, for some time now, Blockchain conferences have been filled with bankers and we are starting to see a turnaround of opinions. And, even though this is only a small step for the banking sector, it is still a victory for the world of cryptocurrency and a positive omen for its future.

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