Bitcoin and banks tend to get on about as well as farmers and foxes. But, Dutch bank ABN AMRO has taken a step towards bridging the divide by announcing the existence of a trial program that offers existing customers the ability to store Bitcoin in the same online environment as regular banking services. The trial, which is already underway, is being tested by 500 Bitcoin holders, and comes from ABN AMRO’s desire to become known in the space as a trusted Bitcoin storage provider.
Change in Sentiment
News of the trial came out via a tweeted response to an ABN AMRO customer, who had queried a communication from the bank regarding it. A follow up question provided a response that will be food and drink for crypto lovers and might just show a change in stance for banks… or one bank at least:
The news that a consumer-facing bank wants to be a “trusted partner” could open the door for a better relationship between crypto investors and banks. A relationship that has been tested, and indeed broken, many times since Bitcoin users first started trying to cash out their gains. The bank still has a Dutch language page warning customers about the volatility of cryptocurrencies, which the bank have said will be changed to reflect their altered stance. This change in sentiment comes after a year of increased interest from private and corporate investment funds in Bitcoin, which it seems is slowly paying off.
Increased Legitimacy
ABN AMRO is not the first bank to get involved in crypto storage. Last year, Canadian bank VersaBank successfully tested their VersaVault, a Bitcoin storage solution that claims to offer cryptocurrency holders “impenetrable world class security”, but ABN AMRO is the biggest name yet to consider such a service. If the test is successful, headlines linking a well known bank with Bitcoin could go a long way to increasing the legitimacy of digital assets and reversing some of the negative connotations in the eyes of the public.
