The name of this product will be Wallie and it would benefit approximately 500 customers who are interested in storing cryptocurrencies

On Tuesday, January 22nd, members of the Dutch bank ABN AMRO announced they are conducting tests so that their customers can store bitcoins on a platform belonging to this financial institution called Wallie. The idea is to get into criptocurrencies’ world and give to their clients this new service.

The investigation to test this bitcoin wallet built by ABN AMRO was confirmed in the Twitter account of a spokesperson that is part of this financial institution. According to the information published in that social network, Wallie is a platform for the storage of bitcoins. In this way, Wallie is being tested by 500 customers of the bank.

According to ABN AMRO’s statements, the intention is to become a “trusted partner” for its clients, who are increasingly investing in cryptocurrencies and, for this reason, the service would benefit those 500 people who participate in the study.

However, the bank based in Amsterdam, in the Netherlands, so far has not provided further details on how to ensure the security and storage of cryptocurrencies on its platform, or how it would perform it.

A Growing Trend

Recently, Falcon Private Bank, in Switzerland, launched a transfer and storage platform for four different cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ether (ETH). This banking institution is specialized in asset management and financial services and is headquartered in Zurich.

The Falcon cryptocurrency wallet complies with the policies imposed by the Swiss regulators. Among the operations that the bank expects to perform are adjusting its platforms so that users can make transfers, simple commercial operations and safeguard services for different cryptoactives.

Another case of a financial institution that decided to venture into the world of cryptocurrencies and blockchain technology was the Vontobel bank. This banking institution announced its “Vault of Digital Assets” just a week ago, which allows entrepreneurs to store and conduct transactions with cryptocurrencies.

Change the Dynamics

The custody services recently launched by banking institutions generate interest among some traditional banking clients, as they appeal to confidence in their financial infrastructure, while Switzerland, taking into account the events occurred in recent weeks, has shown itself to be a friendly country with cryptocurrencies. However, local sources say that regulators are still “critical” about the offer of financial products based on “unregulated” cryptocurrencies.

Although banks are showing willingness to adopt blockchain technology, some cryptocurrencies users do not consider custody services as a good option, because they prefer to stick to the initial motto of decentralized technology: “Be your own bank”. This is because part of the philosophy that supports the existence of Bitcoin is to be “like a bank” and not to entrust the custody of this digital money to third parties.

One of the characteristics which generate rejection among the community is that custody services generally keep the private keys of the cryptoactive wallets, which gives them access to the cryptocurrencies that someone owns.

By María Rodríguez


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