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Rabobank offers bank account for utility token

Rabobank offers bank account for utility token

Rabobank has begun facilitating payments for digital currency 'tokens' thanks to an agreement with the 2Tokens Foundation.

2Token is a project offering rules and guidelines on how to deal with tokenisation in the Netherlands.

It has developed its own utility token, called TWO, that can only be spent once and has a limited lifetime, while blockchain technology makes it impossible to forge.

Rabobank is facilitating a bank account for the foundation so that people can pay for the tokens. Users can buy TWO tokens in euros using the Netherlands' iDeal e-commerce payments system.

The tokens can then be used to participate in activities the foundation organises on the concept of tokenisation, including masterclasses, workshops and other events.

Explaining the bank's interest in tokenisation, Djuri Baars, lead blockchain team, Rabobank, says: "As Rabobank we see a wide range of applications for tokenisation. You could for example divide a real estate object or a start-up in really small pieces.

"With this innovative form of micro-investment, you could for example actually be the owning multiple small pieces of agricultural real estate starting at a young age."

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