ABN AMRO Launches Bitcoin Wallet Project In A Test Mode

The Dutch bank ABN AMRO launched a cryptocurrency wallet project in a test mode. Bank customers will be able to deposit bitcoins (BTC) along with fiat currency. Currently, 500 account holders in the ABN banking system were chosen to take part in the experiment.

Hoi! Jazeker! Heb je dit bericht ontvangen? We doen op dit moment een experiment met 500 klanten. :) ^Roeland

— ABN AMRO (@ABNAMRO) 22 января 2019 г.

This decision results in ABN becoming the first among the major Dutch banks to present Bitcoin storage instrument, thus overtaking Rabobank, which previously announced a similar project called Rabobit. According to the bank representatives, ABN AMRO offers to store cryptocurrency in the same online banking environment that customers use on a daily basis, but with the new product called “Wallie.”

Despite the experimental nature of the Bitcoin storage instrument integration, the ABN AMRO official website page which is dedicated to cryptocurrency still says that the bank does not support it:

“Cryptocurrencies are not controlled, issued or guaranteed by a central bank.”

The unexpected decision ABN caused embarrassment among many supporters of cryptocurrency. Some argue that transferring control over the private keys means that such users don’t understand the essence of Bitcoin — the elimination of third parties and intermediaries from the financial system.

Illustration: Bloomberg