Report: Dutch Bank Rabobank Cancels Development of ‘Rabobit’ Crypto Wallet

The bank had announced a cryptocurrency wallet service dubbed “Rabobit” as a part of the Rabobank Moonshot fintech innovation program in February last year. The Rabobank representative also reportedly stated that the development process has helped the bank learn “valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.” The bank allegedly cited unsuitable regulatory conditions as the reason why it decided not to pursue the initiative any further. Lastly, the Rabobank representative noted that the institution “will keep an eye on the market and regulatory developments within the industry.” Crunchbase estimates Rabobank to have $10.6 billion in annual revenue.Rabobank did not answer Cointelegraph’s inquiry as to their cryptocurrency wallet plans by press time.

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