A large Dutch bank launches accounts based on Blockchain

The Dutch bank of the "big four" ABN AMRO launched a new service in which bank accounts are issued to individual customers through Blockchain, as an alternative to escrow accounts.

The giant of the banking industry in Amsterdam announced a new service through which non-banking organizations that are entrusted with client funds – brokers, investors, notaries, exchanges, etc., directly contact their clearing bank using Blockchain.

The bank claims that the account based on Blockchain will dramatically reduce the administrative costs of the organization by eliminating the costs of managing the escrow account.

Amsterdam Stock Exchange FinTech Exchange will be the first client of the bank using bank accounts based on Blockchain technology. The exchange allows direct trading in securities between companies and investors. The exchange is going to try out a new service this month.

The launch began after a number of initiatives in the field of Blockchain, undertaken by the Dutch bank in recent years. The bank has already tried to do this in the Torch application, which facilitates real estate transactions, uniting all parties – buyers, sellers, landlords, tenants, land cadastre and others in one Blockchain.

Author: Andrey, analyst Freedman Club Crypto News

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