Netherland’s Rabobank decided to officially enter crypto world. Rabobit is the name of their new service that will now offer a cryptocurrency wallet. This project, as said, will be focusing on security – and that is the most important thing. It will be possible to store one’s cryptocurrency balance in a wallet hosted by this “trusted” third party. The service itself, would be accessed through the same online banking environment which Rabobank’s clients have grown accustomed to using.
Of course, customers are all about security issues. This is not the first bank in the world to offer this kind of service. Some banks in Dubai or even in Canada are offering crypto-vaults.
However, in this particular case there is a worry that if the bank becomes an ‘owner’ of somebody’s funds, doesn’t it seem like we are taking a few steps backward?
Well, it seems Rabobit does it right. All of one’s funds can be accessed using their bank account and from mobile phones, tablets, and computers. Moreover, users can add their cryptocurrency balance to their banking app without requiring external solutions. So to simplify: users can store fiat and cryptocurrencies in one place and access all their funds through one bank account, which can send and receive both fiat and cryptocurrencies.
Rabobank is considered as one of the global leaders in food and agriculture financing and sustainability-oriented banking. This bank is also among the 25 largest financial institutions in the world in terms of Tier 1 capital. They have more than 7 million clients and are offering a full range of financial services. Globally, the Rabobank group operates in 44 countries.
It’s interesting fact though that Rabobank were pretty pessimistic about bitcoin and cryptocurrencies. “Ownership and value transfer are completely anonymous and evade supervision by third parties, such as a government, which means that cryptocurrency does not meet the highest standards of compliance set by Rabobank.” said a Rabobank representative last month.
An official Rabobank page titled “Cryptocurrency, or the future of payments” is more open to cryptocurrencies. According to their statement, “The idea of Rabobit is a cryptocurrency wallet within the online banking environment, and the employees who are currently investigating this initiative approach clients for this, both in person (street research) and via the website. In addition, they also investigate the risks associated with the use of cryptocurrencies.”