The Dutch bank announced last year in February that it was developing a service for cryptocurrency use, namely the Rabobit crypto wallet. The project was intended to become a link between bank accounts and cryptocurrency wallets. However, a spokesperson has confirmed that the project has been canceled.
“After careful consideration with our customers in mind we recently decided that now is not the time to develop the idea further and bring it to the next phase,” said the spokesperson of the bank in a The Next Web interview.
The bank has stated that the reason why they decided to drop the Rabobit project was due to unclear regulations and legislative issues which are currently applied to cryptocurrencies.
“For instance, Dutch authorities, AFM (market conduct supervision) and DNB (Dutch central bank, financial stability) recommend regulations of cryptos at an international level,” said the Rabobank representative in another interview.
Even though it has not reached completion, Rabobank does not regret starting its project as the experience has provided them with “valuable insights and experiences for work in general.”
“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications,” said the spokesperson.
Rabobank also stated that this will not be their last attempt to get involved in blockchain and cryptocurrency, noting that they “will keep an eye on the market and regulatory developments within the industry.”
The venture fund of Rabobank, Rabo Frontier Ventures, succeeded in raising 80 million euros earlier this year. The fund was created with the purpose of financially supporting fintech startups and agricultural companies in their early stages of development. So far, 10 startups have received funding from the subsidiary.
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