Tech

Steve Kaaru

ABN AMRO ditches BTC wallet, but eyes blockchain trade inventory system

Dutch bank ABN AMRO has been busy in recent days, with cryptos and blockchain taking center stage. The bank, the third largest in the Netherlands, revealed that it has cancelled its plans for a custodial cryptocurrency wallet. It also announced that it was exploring the options to launch a blockchain platform that will provide real-time insights into trade inventories.

According to a report by The Next Web, the bank will no longer develop its cryptocurrency wallet. The publication cited Jarco de Swart, the bank’s senior press officer who revealed that the bank had abandoned its plans. And the reason for the change of heart is because the bank believes cryptos are too risky. de Swart stated:

“We have approached all the people who have shown interest. We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.”

Reports surfaced back in January revealing that the bank was developing a crypto custody wallet known as Wallie. According to The Next Web, the bank conducted a survey with 500 of its top clients, asking for their input and their expectations.

Further reports from inside the bank suggested that the wallet would serve as a custody service. This means that the clients would have to forfeit their private keys as well, giving the bank full control of their cryptos. Not surprisingly, many in the crypto community were critical of the approach, and Wallie was squashed.

Nevertheless, the bank is still a big blockchain proponent, announcing recently that it was exploring the options to launch Forcefield, a digital blockchain-based platform that will provide real-time insights into trade inventories.

Forcefield will rely on the Internet of Things (IoT), near field communication chips and sensors to monitor physical trade inventories. This will make it possible for users to monitor these inventories more effectively, leading to reduction of associated costs and more secure physical handling processes.

Some of the major companies that have signed up to launch the platform include Accenture, ING Bank, Anglo American, OCBC Bank, Macquarie, Mercuria and CMST International. Accenture has been the technology provider for the project which has been in development for the past 12 months.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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