Dutch bank ABN AMRO abandons own crypto wallet

Robert Hoogendoorn
May 20 · 2 min read

The Netherlands-based ABN AMRO bank has abandoned its plans to launch a bitcoin wallet for its customers. The project was named Wallie, but according to a senior press officer of the bank ‘cryptocurrencies are too risky assets for the bank’s clients to invest in’. This was reported on Monday by tech website The Next Web.

In January the bank tested the waters. ABN AMRO asked its clients whether they are interested in a crypto wallet like Wallie. According to the report approximately 500 people were part of a testing panel. ABN AMRO would’ve access to the private keys of its clients, which is something the alarmed some of the questioned people.

Even though ABN AMRO is no longer investing time and money into the development of Wallie, the bank is very involved in other projects. Its part of an industry consortium to trade oil and gas on the blockchain, while the bank has always kept an open mind towards bitcoin and crypto.

Originally published at NEDEROB.