Rabobank ditches plan to launch cryptocurrency wallet 'Rabobit'

Rabobank, a major Dutch bank, will no longer push through its plan to roll out a cryptocurrency wallet called "Rabobit," according to an article by The Next Web.

“After careful consideration with our customers in mind we recently decided that now is not the time to develop the idea further and bring it to the next phase,” a spokesperson of the bank told the outlet.

Rabobit was a cryptocurrency wallet service that was part of the Rabobank Moonshoot fintech innovation program launched last year. It aimed to bridge the gap between bank accounts and cryptocurrency wallets.

The bank representative cited unsuitable regulatory conditions and unclear legislative approaches to cryptocurrencies as reasons for deciding not to pursue Rabobit any further. However, the spokesperson said the decision was not entirely put into vain as the project has brought valuable insights and experiences.

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications,” the spokesperson said.

Rabobank also noted the bank will not close its doors on blockchain and cryptocurrency, saying it “will keep an eye on the market and regulatory developments within the industry.”

Earlier this year, Rabobank bagged 80 million euros into its venture fund, Rabo Frontier Ventures. The subsidiary aims to help high-potential early-stage fintech and food and agri companies. So far, the strategic investment fund has supported 10 startups.