Rabobank developing a digital crypto wallet

Posted: 28 February 2018 4:18 pm
Rabobank small

The wallet will allow users to send and receive funds, including cryptocurrencies, through one bank account.

Dutch-based financial institution Rabobank is developing a digital wallet for the crypto banking environment.

A new website was launched to promote the concept of Rabobit, the bank’s virtual currency storage wallet.

While there isn’t much information or details regarding the project, the multinational banking company has announced that the wallet will allow users to add and store cryptocurrencies, provide insight into a customer’s overall liquidity and equip users with the ability to access all of their funds through one bank account.

There is an invitation on the site for users to subscribe for further updates by providing their email address.

Check out the screenshot of the Rabobit website below.

Screenshot: Rabobit/Rabobank

Rabobank says Rabobit is part of the bank’s internal Moonshot acceleration program. As part of this program, employees offer innovative ideas for the bank to develop that will ideally provide improved customer service. The best ideas are tested for interest among customers. A shortlist of Moonshot ideas will be compiled in early March. By mid-June, it will be determined which ideas are actually being developed into a product or service.

Rabobit is just one of 22 concepts that may be developed into real-world applications. It is currently in the initial customer survey phase. Rabobank is investigating the risks and pitfalls associated with the use of cryptocurrencies and digital wallets. The company said that there is no official decision to introduce this yet.

Millions of Americans are swapping traditional banking methods for more tech-savvy digital wallets.

Singapore Airlines’ KrisFlyer frequent flyer programme will assist customers to trade their earned rewards for point-of-sale retail transactions through a new digital wallet app, created using blockchain technology.

Municipal government officials from the city of Berkeley in northern California have decided to take advantage of the latest technological wave, cryptocurrency, in an effort to finance community assistance projects.

The Atlanta Bitcoin Embassy, a central organizing hub offering numerous cryptocurrency-related services, has had its soft opening in the US state of Georgia, with tentative plans to officially launch in April this year.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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