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ABN AMRO Looks Into Crypto Wallets, JP Morgan Remains Skeptical

Sead Fadilpašić
Last updated: | 2 min read

The opinion on cryptocurrencies within more traditional financial institutions remains as divided as ever. While finance giant JP Morgan considers the value of cryptocurrency “unproven” and thinks that blockchain will not make “any real difference to banks for at least three to five years,” the Dutch bank ABN AMRO is gauging customers’ interest in offering cryptocurrency wallets.

ABN Amro logo. Source: ABN Amro

In a report on on crypto and blockchain, JP Morgan stated that, “Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging,” Reuters reported. The usage of cryptocurrencies for payments will remain “challenged,” they said, adding that they couldn’t find any major retailers accepting crypto in the past year.

The New York-based bank considers marketplaces where small businesses and individuals have control over payment methods the most fertile ground for the spread of cryptocurrencies. Also, according to the bank, Bitcoin, which stands at around USD 3,546 (UTC 10:37 AM), is likely to have cost support at around USD 2,400, and could fall below USD 1,260 if this bear market persists.

However, this is completely different from what the bank had to say about crypto only a year ago. In February 2018, a leaked report stated that “cryptocurrencies are the face of blockchain,” along with “cryptocurrencies are here to stay.”

Meanwhile, the sentiment is somehow different at ABN AMRO. The Dutch bank had earlier this week seemingly confirmed over Twitter that they would be running a trial of a new cryptocurrency wallet with 500 select customers. According to imagery shared on Twitter, the trial would offer customers the opportunity to test the wallet which promises an easy and familiar way to manage your Bitcoin. However, those images were just mock ups, and the email sent to users was supposed to figure out how interested they would be in such a feature.

Speaking to news outlet The Next Web, a spokesperson from ABN AMRO said, “Earlier this month, ABN AMRO asked 500 clients via email whether they would be interested in a [Bitcoin] wallet. If so, they could follow a link in the email to a mock up design and answers questions about what features the bitcoin wallet should have, should we decide to design one. So this is one of our ways to engage with clients and find out what kind of services they want.” Currently, however, there is no wallet coming from the bank, not even in a testing phase.