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Belgian Banking Group KBC creates blockchain-based currency – Bitcoin News
KBC Group, a large European banking and insurance institution headquartered in Belgium, has launched a token based on a blockchain platform. Their customers will be able to obtain the new proprietary coins and use them through their KBC wallet and mobile app.
KBC issues digital coins to customers and partners
KBC, the Brussels-based financial group with an extensive presence in Central and Eastern Europe, has announced its own crypto called ‘Kate Coin.’ The bank said it was preparing a large-scale test of the token, with the participation of thousands of employees who will be able to use it at a festival in Belgium this week, and it will eventually roll it out to the whole group.
The coin comes a year and a half after the launch of Kate, KBC’s personal digital assistant. In a press release, the company noted that a whole new economy is now evolving on the basis of technologies such as web 3.0, cryptocurrencies and non-fungible tokens (NFT). With its latest initiative, KBC wants to enter this new world and confirm its position as a leader in digital bank insurance.
As a bank insurance company, KBC focuses on private customers and small and medium-sized enterprises in Belgium, Bulgaria, Hungary, Slovakia and the Czech Republic. Their customers will be able to obtain Kate coins and use them via their digital wallets and mobile accounts.
The token will basically be available in KBC’s “closed loop” banking and insurance environment. Eventually, it will be introduced in a broader ecosystem, which includes some KBC corporate customers, third parties and partners that offer services through the bank’s mobile platform to 1.8 million users.
“Drawn by the digital assistant Kate, Kate Coin will proactively make life easier for our customers throughout the KBC group, today and in the future. The combination of the digital assistant Kate and the Kate coin will enable KBC customers to save time and money, “said KBC Group in a statement published on Thursday.
This is not the first time a large banking company has created its own digital currency. In 2020, the global investment bank and financial company JPMorgan announced its own crypto, JPM Coin, also based on blockchain technology and enabling payments between institutional customers.
Do you expect other large financial companies to issue their own digital coins? Tell us in the comments section below.
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