Belgian Banking Group KBC has developed a Blockchain-based Coin

18-Jun-2022 By: Rohit Khandelwal

Belgian Banking Group KBC has developed a Blockchain-based Coin

The KBC Group, a significant European banking and insurance institution headquartered in Belgium, has introduced a blockchain-based cryptocurrency. Customers will be able to purchase and utilize the new proprietary currencies via their KBC wallet and mobile app.

KBC, a Brussels-based banking giant with a strong presence in Central and Eastern Europe, has launched its own cryptocurrency, dubbed 'Kate Coin.' The bank said it is planning a large-scale test of the token with thousands of workers who will be able to use it during a festival in Belgium this week, and that it would ultimately be rolled out across the company.

The coin was released a year and a half after Kate, KBC's personal digital assistant was launched. The corporation stated in a news statement that a new economy is emerging based on technology such as web 3.0, cryptocurrencies, and non-fungible tokens (NFTs). KBC intends to embrace this new world with its latest project and cement its position as a pioneer in digital banking insurance.

KBC focuses on individual consumers and small to medium-sized businesses in Belgium, Bulgaria, Hungary, Slovakia, and the Czech Republic as bank insurers. Kate coins will be available for purchase and usage by its clients through their digital wallets and mobile accounts.

KBC's 'closed loop' banking and insurance ecosystem will be the first to accept the token. It will eventually be integrated into a larger ecosystem that includes certain KBC business clients, third parties, and partners that provide services to 1.8 million KBC mobile platform users.

The Kate Coin, which is powered by the digital assistant Kate, will make life easier for our consumers across the KBC group, both now and in the future. According to a statement released Thursday by KBC Group, the combination of the digital assistant Kate and the Kate Coin would allow KBC clients to save time and money.

This isn't the first time a major financial institution has launched its own cryptocurrency. JPMorgan Chase & Co., a worldwide investment bank and financial services firm, introduced its own cryptocurrency, JPM Coin, in 2020, which is likewise built on blockchain technology and allows institutional clients to make payments.

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