Dutch multinational banking and financial services company Rabobank has canceled plans for an upcoming digital currency wallet.
The wallet, dubbed Rabobit, was envisioned to bridge the gap between cryptocurrency and more traditional financial options.
“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 of innovation,” explained a Rabobank spokesperson.
Lack of clear regulations
Development of the digital wallet was supposed to be part of the Rabobank Moonshot program, which aims to encourage innovation in the fintech services industry.
The lack of clear legislation for cryptocurrencies, not just on a local level but on an international one as well, seems to have played a major role in Rabobit’s cancelation.
“For instance, Dutch authorities, AFM (market conduct supervision) and DNB (Dutch central bank, financial stability) recommend regulations of cryptos at an international level,” the spokesperson said.
Valuable insight gained
This news comes after the recent revelation that another Dutch bank, ABN AMRO, had dropped its own plans for a crypto wallet.
Despite the Rabobit wallet project’s cancelation, however, Rabobank representatives say that the project wasn’t all in vain.
“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications,” said the spokesperson.