Search Coins

He Predicted This New Bitcoin Parabolic Trend 2 Months Ago

www.investinblockchain.coman hour ago
0

Sally Ho's Technical Analysis 27 May 2019

cryptodaily.co.uk2 hours ago
0

Bitcoin Cash Privacy Has Improved in Leaps and Bounds

news.bitcoin.com3 hours ago
0

Top 10 Cryptocurrency YouTubers To Check Out

usethebitcoin.com5 hours ago
0

Hodler’s Digest, May 20-26: Top Stories, Price Movements, Quotes and FUD of the Week

cryptopost.com5 hours ago
0

Robinhood —Commission Free Crypto Investing App Set to Raise $200 Million

coindoo.com8 hours ago
0

Best Practices for Developers and Programmers to Debug Ethereum Smart Contracts

dailyhodl.com8 hours ago
0

Louis Vuitton Turning to Blockchain to Weed out Fakes

ethereumworldnews.com9 hours ago
0

How To Avoid Paying Coinbase Fees

usethebitcoin.com9 hours ago
0

Ripple’s Partner, InstaReM Collaborates with Thailand’s KASIKORNBANK (KBank)

ethereumworldnews.com10 hours ago
0

Why Facebook’s Crypto Goals Are a Bit Disconcerting

www.livebitcoinnews.com10 hours ago
0

Massive Growth by P2P Exchange and AT&T Accepting BCH in the Weekly Update From Bitcoin.com

news.bitcoin.com10 hours ago
0

Can Wirex and Elliptic Fully End Crypto Fraud?

www.livebitcoinnews.com11 hours ago
0

Week in Review: Cryptocurrency Price Analysis for the Week May 19 to May 26

coingape.com11 hours ago
0

Swisscom TV Set to Begin Deployment of Tokenised Artwork

coindoo.com12 hours ago
0

Crypto Lark applauds CoinGecko’s latest roll out ‘trust score’ to keep tabs on fake volumes

ambcrypto.com13 hours ago
0

Buysellhodl Aggregates Price Predictions From Traders Like You

news.bitcoin.com13 hours ago
0

MetaMask Now Has a Quarter of a Million Active Monthly Users

www.trustnodes.com15 hours ago
0

HitBTC responds to allegations of insolvency, refutes claims made by Redditors

ambcrypto.com15 hours ago
0

This Week in Cryptos: Binance Launches Margin Trading While New York gets Robinhood

coingape.com16 hours ago
0

Fund Manager Discusses Three Factors that Will Trigger Next Bitcoin Rally

www.newsbtc.com16 hours ago
0

What Will It Take to Regulate Crypto Exchanges?

www.coindesk.com17 hours ago
0

NYPost Columnist Asks Donald Trump to Investigate Bitcoin Manipulation

www.newsbtc.com18 hours ago
0

Beacon Chain Contracts: A New Way to Deploy Dapps on Ethereum 2.0

www.coindesk.com18 hours ago
0

PewDiePie Boosts User Percentage on Blockchain Streaming Platform

cryptodaily.co.uk18 hours ago
0

ABN AMRO Trials Bitcoin Wallet Where Bank Holds Private Keys

Jan 23, 2019 8:30 AM +00:00
0

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 Bitcoinist.com.

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.