Search Coins

Argo, DMG Blockchain Join Group Promoting Bitcoin Mining Decarbonization

bitcoinmagazine.com8 minutes ago

DEUS Finance: The Next Generation Multi-Asset DeFi Protocol

bitcoinist.com18 minutes ago

Delphi Digital forms $5 million NFT investment ‘syndicate’

cointelegraph.com22 minutes ago

Binance Coin, BitTorrent, VeChain Price Analysis: 14 May

ambcrypto.com28 minutes ago

Bill Ackerman Talks Bitcoin and Inflation; Says Both May Last a While

www.livebitcoinnews.com28 minutes ago

Square not revisiting its Bitcoin allocation, but still interested in the asset

cointelegraph.com29 minutes ago

BlackRock Chief Investment Officer Rick Rieder Thinks Bitcoin Is Durable

bitcoinmagazine.com41 minutes ago

Century-Old Investment Bank Cowen Will Offer Crypto Custody Services

dailyhodl.com43 minutes ago

Was Bitcoin Crash Orchestrated? This 4 Theories Scream Beware

www.newsbtc.coman hour ago

Lawsuit Claims Onecoin’s ‘Cryptoqueen’ Ruja Ignatova Holds 230,000 Bitcoin

news.bitcoin.coman hour ago

Here’s the how and why of DeFi’s battle with CeFi

ambcrypto.coman hour ago

Jelly Swap Provides Swap Bridge to XDC Network

www.coinspeaker.coman hour ago

Price analysis 5/14: BTC, ETH, BNB, DOGE, ADA, XRP, DOT, BCH, LTC, UNI

NFT STARS marks a digital art Renaissance with the upcoming IDO

bitcoinist.coman hour ago

Bitcoin Miner Greenidge Generation Commits To Being Carbon Neutral By 2021

bitcoinmagazine.coman hour ago

Litecoin, IOTA, Aave Price Analysis: 14 May

ambcrypto.coman hour ago

Square Halts Plans For Bitcoin Purchases, Cites Ecological Concerns hour ago

Dvision‌ ‌Creates‌ ‌Bridge‌ ‌to‌ ‌BSC‌ ‌to‌ ‌Improve‌ ‌Blockchain‌ ‌Interoperability‌

www.coinspeaker.com2 hours ago

Why Bitcoin Doesn’t Need Musk, Saylor, Or Anyone Else

bitcoinist.com2 hours ago

SpiderDAO Partners with Hypersign after Successful Roadmap Achievements

www.coinspeaker.com2 hours ago

Argentina’s tax body reportedly asks crypto firms to report all activity

cointelegraph.com2 hours ago

Argentina Authorities Require Bitcoin Exchanges To Provide Transaction Data

bitcoinmagazine.com2 hours ago

Is Dogecoin taking the first step towards becoming more than a ‘meme coin?’

ambcrypto.com2 hours ago

You Can Now Buy Cardano Wine – With Cardano

dailyhodl.com2 hours ago

Ethereum’s Ratio Overtakes Resistance

www.trustnodes.com2 hours ago

ABN AMRO Trials Bitcoin Wallet Where Bank Holds Private Keys

Jan 23, 2019 8:30 AM +00:00

Dutch bank ABN AMRO has unveiled cryptocurrency storage facilities which will see its clients able to deposit Bitcoin (BTC) alongside fiat currency.

500 Clients Trial Bitcoin Storage

In what appears to be a marked change of stance on the sector, officials confirmed a trial was underway with 500 account holders on social media January 22.

According to marketing literature uploaded to Twitter, ABN AMRO aims to offer Bitcoin storage in the same online banking environment customers use for their day-to-day activities through a product called ‘Wallie.’

The move sees ABN first to provide direct Bitcoin tools out of the major Dutch banks, beating off competition from Rabobank, which had announced a similar project, ‘Rabobit,’ in February last year.

In a sign of the experimental nature of its Bitcoin integration, ABN’s official webpage on cryptocurrency still states the bank does not support it.

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

De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) have regularly published press releases over the past period in which they warn investors and consumers of the risks of cryptocurrencies. You can not therefore invest in bitcoins or other cryptocurrencies at ABN AMRO.

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

— ABN AMRO (@ABNAMRO) January 22, 2019

Friend Or Foe?

The exact reasons for the change of heart remain unknown. In its current form, the Bitcoin wallet constitutes something of a compromise; users will not hold their private keys, while the bank says it will provide insurance guarantees for up to €6,000 worth of funds.

Rabobank had similarly surprised when it revealed its wallet plans, having also put out highly critical material on Bitcoin.

For many cryptocurrency advocates, however, even custody ‘solutions’ such as ABN’s cause frustration rather than celebration.

Consumers’ lack of control over their private keys, and hence actual control of the bitcoins, mean they are not actually embracing Bitcoin at all, some argue. In short, custodial ‘ownership’ of bitcoin goes against the reason why Bitcoin was created in the first place: removing trust and middlemen from money. 

Earlier this month, an event organized by entrepreneur Trace Mayer even attempted to spark the opposite effect – making Bitcoin users withdraw all their capital from trusted third parties.

What do you think about ABN AMRO’s Bitcoin wallet trial? Let us know in the comments below!

Images courtesy of Shutterstock

The post ABN AMRO Trials Bitcoin Wallet Where Bank Holds Private Keys appeared first on

Share This Article

Get the most out of CoinFi News!

Save coins into your Watchlist and be the first to know about the latest market moving news.