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ABN AMRO backs out of crypto-race; ditches Bitcoin wallet project

Arijit Sarkar

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Dutch Bank ABN AMRO backs out from crypto race
Credit: Pixabay

Cryptocurrencies have gained tremendous traction and adoption in mainstream culture, with non-financial companies joining the digital race recently. While companies such as Nike and Microsoft have amped up their crypto-investments, some other major financial institutions are moving away from the underlying technology. In fact, an executive of the Bank of America recently stated that BoA did not see any immediate use-cases for the technology.

In a similar development, ABN AMRO, a multinational banking institution based in The Netherlands, has canceled its plans to launch its own crypto wallet. The information was brought to light by a Twitter user, @CoinNessCom. The tweet read,

“Dutch Bank ABN AMRO Ditches Its Bitcoin Wallet”

While ABN AMRO was previously reported to be testing a cryptocurrency wallet named  ‘Wallie,’ the latest news suggested that the bank was still apprehensive about offering its customers access to virtual currencies. This was confirmed by Jarco de Swart, ABN AMRO’s Senior Press Officer, in an email that stated that the bank had “decided not to follow up on the Wallie inquiry”.

Although several experts speculate that the bank might reintroduce cryptocurrency in the near future, ABN AMRO’s official website clearly mentioned that “at ABN AMRO you cannot invest in bitcoins or other cryptocurrencies” and “ABN AMRO does not support or approve cryptocurrencies”.





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Binance Chain testnet undergoes ‘Galileo’ update via hardfork; mainnet to follow suit

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Binance Chain testnet to receive 'Galileo' update via a hardfork; mainnet to follow soon
Source: Unsplash

Binance Chain’s testnet underwent a hardfork today at block height 24,020,000, at around 2019/06/26 7:00 AM (UTC). The new update will have various bug fixes, improvements to the existing chain, and is expected to improve on-chain performance.

The new announcement details all the features the new update will include for DEX users, or any exchanges that list BNB, or run a client. The BNB blockchain will provide validators access to create a “delist protocol” and vote on delisting trading pairs that have very little volume for a long time via governance.

The Galileo update will also provide a “Time Locking” feature for token assets, while also improving the Match Engine in Binance DEX, which according to the blog is “not optimized in some cases.” The complete list of changes is available for users to read in the changelog.

The testnet changes will be followed by changes on the mainnet. The blog added,

“Binance Chain Mainnet will also be undergoing an upgrade a few weeks later (please stay tuned with the later announcement).”

Additionally, Binance also announced the launch of Binance 2.0 for everyone, which also includes the margin trading feature on Binance. The Binance 2.0 has the website revamped, with the old one being decommissioned soon.

While some users complained that there were problems depositing USDT, others complained that margin trading feature was still not available.

A Twitter user, @rallyqt, commented,

“- Galileo upgrade
– Margin
– Binance stable coin
– Binance DEX
Keep building & piecing the Binance ecosystem together! 🧩
@cz_binance, how many users signed up for Binance this year? Alt fomo season starts when exchanges have to temp close due to an influx of users haha 😉😊”

CZ replied,

“We have increased our registration capacity in anticipation of this, a year ago. It should work, in theory, let’s see what happens. 😂
Registrations are definitely picking up speed.”





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