ABN AMRO Disavows Custodial Bitcoin “Wallie”

ABN AMRO, a Dutch bank disavows its reveal plan about a custodial bitcoin wallet called “Wallie”. The bank abandons the launch due to endanger worries, as per a report by The Next Web.

As in the report, Jarco de Swart, the ABM AMRO’S senior press officer mentions in an email that the bank is not interested in continuing with the launch plan. The plan seems too risky because of the volatile nature of the cryptocurrencies. Investing in cryptocurrencies seems too precarious for its clients.

The gossipy tidbits concerning affirmed trial of the wallet originally begun spreading in January. However, The Next Web states that the bank had asked only 500 of its customers about wallet development. The bank’s annual revenue evaluates to be $10.3 billion, by the internet company Owler. The firm’s report has 18,720 employees.

According to a source, last year large oil companies BP, Shell, and Equinor have integrated with large banks including ABN AMRO and trading houses. This collab intended to reveal a blockchain-based platform, Vakt, for energy merchandise trading.