For a while now, conspiracy theorists in the world of crypto have speculated that the legacy financial system is out to get them. For instance, many large banks have banned or made it almost impossible to conduct digital currency transactions using their platforms. One such bank is Rabobank. After it pleaded guilty to laundering Mexican drug money in California, the bank announced that it had quite support for crypto because of compliance risks.
However, it appears the bank has changed its mind since then. The leading Dutch bank recently unveiled that it may be trying out a cryptocurrency wallet. This news first broke out on Twitter where digital coin enthusiasts were sharing a link to a new cryptocurrency wallet dubbed Rabobit. According to the site, this new wallet will bridge the gap between crypto and bank accounts.
Rabobank Cryptocurrency Wallet Is Part Of A New Project
The Cryptocurrency wallet is just one of the projects under the Moonshoot program that the bank is trying out. The bank is currently trying to prepare itself to be ready for the future when it does arrive.
It has become quite apparent that technology will play a major role in the world of finance and this bank does not want to be found lagging behind. The Moonshoot program will not just explore the future; it will also encourage innovation in technologies that have yet to be explored.
Despite all the hype on Twitter, there is very little information on this project. From the look of things, the bank is only using the site to test whether there is enough customer interest to justify this project. Even the marketing side of things has been quite a low key affair.
When you get to the site, you will only find a ‘Get Started’ call to action that requests you to leave your email address and some more information. This way, you will get emails about any updates to the site in future. This caused quite a bit of concern amongst some people with some thinking that it might be a scam.
However, all these concerns were cleared up when Rabobank’s social media team went ahead to confirm that this was actually a site run by Rabobank. However, they clarified that they were only using it to test whether there is any interest in such a wallet. The twitter handle of the bank also confirmed that they had not yet approved the project. They said that as soon as more information came out, they would announce it.
More Banks are Warming Up To Crypto
For a while, most banks took a bearish stance to crypto. However, most have been showing willingness to experiment with these new digital assets. In fact, Circle, a startup backed by Goldman Sachs recently acquired the digital coin exchange desk Poloniex for $400 million.
Others Have Tried Something Similar
Rabobank is not the first major bank to toy with the idea of a cryptocurrency wallet linked to a bank account. Shinhan, the second largest bank in South Korea also had similar plans before a regulatory overhaul caused the plans to be shelved.