Rabobank Drops the Idea of Creating Its Own Cryptocurrency

Based out of The Netherlands, Rabobank has decided to drop its idea of creating Rabobit, its own native cryptocurrency. The bank had announced their plans of creating such currency in February 2018. Once looking at closing the gap between cryptocurrency wallets and banks, the bank has taken this decision after exploring the field for more than a year.

As indicated by a report from Hard Fork, a spokesperson from the bank stated –

“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 of innovation.”

Their ideas of creating a native cryptocurrency was a part of the Rabobank Moonshot program, that was looking at speeding up the innovation in FinTech services. The bank doesn’t consider their research a waste, but the same thing was led to valuable insights and experience in general.

The spokesperson added –

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson of the bank cited uncertainty of the regulation as the reason that led Dutch institution pulled out of the project. Though the bank has dropped the idea, yet they will still be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank that dropped the idea of having a crypto wallet. ABN AMRO, another Dutch bank, too recently dropped its plans of ‘Wallie,’ its own crypto wallet. The reason for this drop also concerned with the regulatory conditions in the industry.