Rabobank has reportedly canceled its plans to develop a , technology outlet The Next Web on May 23.
As Cointelegraph , the bank had a service dubbed “Rabobit” as a part of the Rabobank Moonshot innovation program in February last year. Still, a spokesperson of the bank reportedly told the outlet that:
“After careful consideration with our in mind we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation.”
The Rabobank representative also reportedly stated that the development process has helped the bank learn “valuable lessons about our and the crypto market and on how to design and crypto applications.” The bank allegedly cited unsuitable regulatory conditions as the reason why it decided not to pursue the initiative any further. The spokesperson pointed out:
“For instance, Dutch authorities, AFM (market conduct supervision) and DNB (Dutch central bank, financial stability) recommend regulations of cryptos at an international level.”
Lastly, the Rabobank representative noted that the institution “will keep an eye on the market and regulatory developments within the industry.” Crunchbase estimates Rabobank to have $10.6 billion in annual revenue.
Rabobank did not answer Cointelegraph’s inquiry as to their plans by press time.
As Cointelegraph earlier this week, another Dutch bank ABN AMRO abandoned its plans to launch a custodial () dubbed “Wallie” because of risk concerns.
Also this week, a group of four banks successfully a promissory note — a type of legally binding agreement — through a new platform.
Published at Thu, 23 May 2019 13:11:06 +0000
