ABN AMRO backs out of crypto-race; ditches Bitcoin wallet project

Cryptocurrencies have gained tremendous traction and adoption in mainstream culture, with non-financial companies joining the digital race recently. While companies such as Nike and Microsoft have amped up their crypto-investments, some other major financial institutions are moving away from the underlying technology. In fact, an executive of the Bank of America recently stated that BoA did not see any immediate use-cases for the technology.

In a similar development, ABN AMRO, a multinational banking institution based in The Netherlands, has canceled its plans to launch its own crypto wallet. The information was brought to light by a Twitter user, @CoinNessCom. The tweet read,

“Dutch Bank ABN AMRO Ditches Its Bitcoin Wallet”

While ABN AMRO was previously reported to be testing a cryptocurrency wallet named  ‘Wallie,’ the latest news suggested that the bank was still apprehensive about offering its customers access to virtual currencies. This was confirmed by Jarco de Swart, ABN AMRO’s Senior Press Officer, in an email that stated that the bank had “decided not to follow up on the Wallie inquiry”.

Although several experts speculate that the bank might reintroduce cryptocurrency in the near future, ABN AMRO’s official website clearly mentioned that “at ABN AMRO you cannot invest in bitcoins or other cryptocurrencies” and “ABN AMRO does not support or approve cryptocurrencies”.

The post ABN AMRO backs out of crypto-race; ditches Bitcoin wallet project appeared first on AMBCrypto.