A popular European banking Institution, the KBC Group, has launched its own virtual token. This token, dubbed the “Kate Coin,” is based on blockchain technology.
More also, customers of the banking institution will have access to the token. Customers can use it via their mobile app and digital wallet.
KBC Releases Digital Coin, Kate Coin For Partners And Clients
The Brussels-based bank group KBC has announced the release of its crypto, the “Kate coin.” The official report says the bank will carry out a pilot test for the token.
The pilot test will consist of thousands of its employees. This week, employees will use it at a Belgium festival before its final launch.
Meanwhile, the token comes a year after the company launched Kate, a digital assistant. According to the company, a new economy is being built on the web 3, cryptocurrencies, and NFTs.
As a result, its latest project is to prepare it for this new economy. The company’s digital assistant and Kate Coin are projects in that direction.
Also, KBC stated it would focus more on SMEs and private clients in various countries. Examples of these countries are the Czech Republic, Hungary, Slovakia, Bulgaria, and Belgium.
The Coin To Be Used On Digital Wallets And Bank’s Mobile App
Furthermore, customers of the bank can have access to the Kate coins. Clients can use it through their mobile accounts and digital wallets.
Initially, the token would be available only in the company’s closed financial environment. Afterward, it would be introduced into the wider ecosystem.
This ecosystem comprises customers of the company, partners, and third parties. Also, it would be available on the bank app for over 1.8 million customers.
Also, the KBC Group published a statement on Thursday. The statement noted that:
“The virtual assistant, Kate, will power the Kate Coin. This Coin will make transactions easier for our clients in the KBC group. With the Kate Coin and virtual assistant, Kate, KBC customers can save their money and time.”
The Belgian banking group is not the first to create a digital currency. Two years ago, a popular investment bank and company, JPMorgan, took similar steps.
In 2020, the bank announced the creation of its own digital currency, the JPM Coin. The JPM Coin was built using blockchain technology. Also, its purpose aims at allowing payments between clients in the institution.
Several financial institutions are embracing the idea of a digital token. The KBC and JPMorgan are two financial giants that have embraced the digital economy.