Dutch bank Rabobank announced it will not proceed with its plans for a cryptocurrency wallet called Rabobit.
“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation,” a Rabobank spokesperson told The Next Web.
However, the spokesperson added that working on the project has given the bank “valuable insights and experiences for work in general. We have learned valuable lessons about our customers and the crypto market, and on how to design blockchain and crypto applications,” they said.
In other news, Thailand‘s oldest bank, Siam Commercial Bank (SCB), will be experimenting with blockchain technology, powered by Ripple. Some users shared images on Twitter of a supposed Ripple-based app for cross-border transactions.
“Send money abroad today at the cheapest rates via Ripple,” according to a screenshot of the app, called SCB Easy. In addition, SCB social media reps have revealed on Twitter that more information about the Ripple integration “will be announced [sic] soon,” reported The Next Web.
Some good news for Bitfinex this week: The crypto exchange won a partial block on demands for information from New York Attorney General Letitia James.
The crypto exchange is seeking to dismiss a lawsuit that accuses the companies behind it of hiding the loss of hundreds of millions in clients and corporate cash. New York Supreme Court Judge Joel M. Cohen put a hold on James’ demands, requiring the firms to only hand over documents and information relevant to whether there is personal jurisdiction over the companies in New York. Justice Cohen scheduled a hearing on the motion to dismiss for July 29, 2019.
“This order is another victory in the ongoing defense of our businesses against the New York Attorney General’s overreach,” Bitfinex wrote in a blog. “We will continue to vigorously protect our customers, and assert our rights against those making false and unsupported claims against us.”
“If bitcoin continues its growth trend, we can expect more cryptocurrency scam apps to emerge in the official Android app store and elsewhere. When installing apps, it is important to stick to some basic security principles — even more so when money is at stake,” they said.