Nov 9, 2020

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Rabobank first bank in the Netherlands to offer bank account for utility token

Rabobank facilitated the 2Tokens Foundation with a bank account. By doing so, Rabobank is the first bank in the Netherlands which facilitates payment for tokens. This is a big step forward in applying the concept of tokenization in society.

The 2Tokens foundation uses so-called utility tokens named “TWO”, which can be paid for with iDeal in euros as part of their partner offering. Partners can participate in a wide range of activities the foundation organizes regarding the concept of tokenization, including masterclasses, workshops and other events. Everyone with a Dutch bank account allowing iDeal payments, can become a partner of 2Tokens and gain access to their exclusive events, educational materials and unique network of knowledge.

2Tokens started as an EU subsidized project, which delivers a clear set of rules and guidelines on how to deal with tokenization in the Netherlands. Tokenization is an innovation in the field of digital assets, which can be applied using blockchain technology. The behaviour of these tokens is programmable. For example, the TWO token can only be spent once and has a limited lifetime. Because the utilization of blockchain technology it is impossible to forge tokens and it is therefore a safe means of value. Another application is the division of real estate in tokens which allows investors to share ownership in an efficient and transparent way. This also allows for a new form of micro-financing.

“We are happy with the substantive contributions from Rabobank, facilitating a bank account for the foundation helps us to support the Dutch token ecosystem even better”, said Alex Bausch, Chairman 2Tokens Foundation. Next to Rabobank, CMS, Dusk Network, WatsonLaw, DataFlow, YES!Delft and regulators are involved in the 2Tokens initiative.

Rabobank has been actively participating in blockchain-based projects. The bank already offers two blockchain-based platforms to their clients (we.trade and KomGo). Furthermore, the bank works actively on applications for Food & Agri, real estate, identity and HR.

“As Rabobank we see a wide range of applications for tokenization. You could for example divide a real estate object or a start-up in really small pieces. With this innovative form of micro-investment, you could for example actually be the owning multiple small pieces of agricultural real estate starting at a young age”, Djuri Baars, Lead Blockchain Team at Rabobank explained.

For more information on Rabobank visit www.rabobank.com

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