Aaaaand another bank bites the dust. This time it’s Dutch multinational bank Rabobank that jumps on the cryptocurrency bandwagon. The Utrecht headquartered Rabobank announced an integrated cryptocurrency wallet called Rabobit. According to the brand spanking new website it will become a wallet that’s “hosted by a trusted party and within the secure online banking environment”. Okay, a bank that calls themselves ‘trusted’ cracks us up a bit. On the other hand; boasting is no sin. And probably not the worst thing a bank has ever done to us. Also, for some crypto n00bs a bank might actually be the preferable option. If the crypto community will perceive a member of the
illuminati banking system as a trusted party (and would feel comfortable leaving their hard-earned bitcoins with them) is questionable though.
But let’s not be too cynical here for once. Mainstream adoption is eventually the way to go for bitcoin and altcoin. Majors bank embracing crypto and making it accessible to the masses will most likely have a positive impact on the overall market cap. And successively bump up prices. Which is good news for us, the commoners. Because let’s face it. Just like banks we’re in it for the moneys.
But is it a scam?
Rabobank’s endorsement of crypto is a remarkable move for one of the major banks in The Netherlands, country of tulip bulbs and tulip mania. Even earlier this month the bank publicly denounced cryptocurrency and shut its doors to crypto involved companies. Like almost all major Dutch banks. A spokesman earlier this month, with a patronising undertone: “Bitcoins are considered to be risky products. Customers who trade in high-risk products can have a higher risk profile. It is conceivable that companies that deal with cryptocurrencies are seen as too risky and can therefore not be accepted as customer.”
With this statement in mind, it makes perfect sense Rabobank’s soft launch of a crypto wallet raised some suspicion. And it didn’t take long before posts appeared in which people wondered if we are dealing with a scam here (also because at first no SSL certificate was added to the Rabobit platform. Which is ehm.. not so secure). Surprisingly earlier today Rabobank took to Twitter to confirm it’s a legit project and part of an “internal innovation kickstarter program”. Official Tweet in the beautiful Dutch language here.
So when can we start using Rabobit?
To anyone who already threw his (m/f) Trezor or Nano out of the window. Go outside and pick it up. Because currently it is still unclear when Rabobank will actually launch the wallet. And even.. if they will ever launch the wallet. From Twitter we learn that currently “no official decision” has been made if the wallet will ever see the day of light. So for now it looks like a cautious attempt to test the crypto waters. That being said; it’s also another bank that slowly creeps up on the crypto ecosystem. Like ING or Goldman Sachs (by proxy). And helps to bring crypto closer to mainstream adoption.
To end with a critical and personal note; before we chuck out our hard wallets and open a wallet with a mainstream bank, a lot of trust has to be restored. Because we do not forgive. We do not forget. (unless you pay us a super high interest rate, of course).
Instant update here: How Rabobank links their own crypto wallet to criminal activities.