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A major Dutch bank is planning to integrate cryptocurrency wallet with other online banking services

Mar 03, 2018 Posted /  1519 Views

A major Dutch bank is planning to integrate cryptocurrency wallet with other online banking services

Rabobank, a multinational banking and financial service provider; headquartered in Utrecht, the Netherlands is looking for incorporating cryptocurrency wallets in its online banking service with a motive to provide users one account for transactions in both fiat money and virtual tokens.

Rabobank is a giant multinational financial and banking organization, operating in 44 countries and serving over 7 million Dutch individuals and corporates. As per tier 1 capital, it is among the 25 largest banking institutes in the world. The organization is oriented towards sustainable banking and considered as a global leader in Food and agriculture financing.

Currently, Rabobank is involved in conceptual development and research phase of a project named Rabobit. The project aims to provide users a wallet to hold cryptocurrencies in the secure banking environment of the bank. The Rabobit wallet will be integrated with Rabobank app that will allow customers to trade Fiat currency and digital coins at one place. With the emergence of Rabobit, the users will be able to store their Fiat currency and virtual coins in one place and also conduct trading from one account.

In a recent Rabobank news release, the bank revealed that Rabobit is one of the pursued innovative ideas proposed by an employee under Rabobank's internal Moonshot acceleration program. Under this program, several approaches are suggested by the employees of the bank and best ideas are chosen for further research and survey among customers. The bank will compile a shortlist of moonshot ideas in March 2018, and opt some ideas for development process in the mid of June 2018.

In recent Moonshot acceleration program, 22 ideas were selected, and Rabobit was one of them. The news release also stated that the bank has not taken an official decision yet to implement the plan as the idea is still in its preliminary stage where analysts are working on calculating the risk associated with virtual tokens. They are also evaluating public interest in the innovation through conducting direct interviews (street research) and the online surveys.

Previously, an official of Rabobank represented a negative view on cryptocurrencies-

“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." – A Rabobank Representative

In such scenario change of the opinion and selection of an innovative idea to incorporate Rabobit in banking services is a significant move.

Recently, the bank has updated a page titled “Cryptocurrency, or the future of payments”  is about accepting virtual tokens. As per an open media source, an employee at Rabobank IT's innovation arm, Roel Steenbergen stated that the innovation would find its place in the old world and both forms of money will coexist with each other.

“We are seeing only the beginning of a new phenomenon that, according to the experts and investors, can be compared to the mid-1990s when the internet took off, We see this as more of an opportunity than a threat.” - Roel Steenbergen

In a large institute like Rabobank, the coexistence of detractor and admirer of emerging technology is not surprising. With Rabobank’s approval to implement cryptocurrency wallet, it can gain popularity among customers and promote other financial institutes to do the same.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Rabobank banking organization cryptocurrency

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