ABN AMRO Bank gives up Wallie deposit wallet project

Posted 21 May, 2019

The Dutch bank ABN AMRO has reportedly abandoned plans to launch a Wallie bitcoin wallet due to possible risks. The head of the bank's press service, Jarco de Swart, stated that this decision was based on the fact of excessive risks entailed by the crypto assets in terms of investment activities. The report was published on May 20,

“We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in,” - stated Jarco de Swart.

Rumours about the alleged testing of the crypto wallet called Wallie started floating the market this January. At that time, the company commented on Twitter that ABN AMRO was developing a portfolio of deposit bitcoins. The Wallie service was supposed to offer a tool for storing digital resources within the framework of the modern online banking portal ABN AMRO. According to the available information, the bank used to work on a trial version of the deposit portfolio. With this solution, customers potentially could get an opportunity to try out a bitcoin management method. However, the users received an e-mail in which they had to describe their interest in the deposit portfolio.

At present, the bank representative highlighted that it is still extremely cautious and fears of cryptocurrencies, in particular bitcoins.

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21 May, 2019 14:44

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