Rabobank abandons cryptocurrency wallet plans

Rabobank abandons cryptocurrency wallet plans

Rabobank has ditched plans to launch a cryptocurrency wallet, citing, among other issues, the regulatory environment.

The Dutch bank revealed last year that it was exploring the launch of a wallet - dubbed Rabobit - where customers could hold the likes of Bitcoin.

Part of Rabobank's Moonshot programme, the project has failed to reach escape velocity, a spokesman tells The Next Web.

The decision was made "after careful consideration with our customers in mind", says the bank, adding that "we have learned valuable lessons about our customers and the crypto market".

The wallet is on ice, in part because Dutch authorities "recommend regulations of cryptos at an international level".

The bank will keep tabs on the market and regulatory environment, following in the footsteps of ABN Amro which has also decided not to proceed with a similar crypto wallet play.

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