KBC Group, an important European insurance and banking institution, launched a token on the blockchain platform. The new coins will be available for customers to use through the KBC mobile app and wallet.
KBC issues digital coins for its clients and partners
KBC, the Brussels-based financial group with extensive presence in Central and Eastern Europe, has announced its own crypto called ‘Kate Coin.’ The bank said it’s preparing a large-scale test of the token, with the participation of thousands of employees who will be able to spend it at a festival in Belgium this week, and it will eventually roll it out throughout the group.
The coin comes a year and a half after the launch of Kate, KBC’s personal digital assistant. The company released a statement stating that web 3.0 and cryptocurrencies are now the foundation of a new economic system. KBC’s latest initiative aims to make inroads into this new market and establish its leadership position in digital banking insurance.
KBC acts as a bank insurance company and focuses on the private sector and small- to medium-sized companies in Belgium and Slovakia. The bank-insurer will allow customers to buy Kate coins, and they can be used via digital wallets or mobile accounts.
The token will initially be available in KBC’s ‘closed loop’ banking and insurance environment. Eventually, it will be introduced into a wider ecosystem, which includes some KBC enterprise customers, third parties and partners that are offering services through the bank’s mobile platform to 1.8 million users.
“Powered by the digital assistant Kate, the 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,” KBC Group said in a statement published Thursday.
This isn’t the first time a large banking corporation creates its own digital currency. JPMorgan, a multinational investment bank and financial service company, launched its own cryptocurrency, JPM Coin. This crypto is also based blockchain technology.
What do you think about other financial giants issuing their own digital currency? Leave your comments below.
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