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Tuesday, March 28, 2023

Belgian Banking Group KBC Creates Blockchain-Based Coin

Belgian Banking Group KBC Creates Blockchain-Based Coin – The KBC Group, a significant European banking and insurance institution headquartered in Belgium, has introduced a blockchain-based token. Customers will be able to purchase and utilize the new proprietary coins via their KBC wallet and mobile app.

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KBC, a Brussels-based financial firm 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 employees who will be able to use it at a festival in Belgium this week, and that it would eventually be rolled out across the company.

Also Read: Kazakhstan Allows Registered Crypto Exchanges to Open Accounts at Local Banks

The coin was released a year and a half after Kate, KBC’s personal digital assistant, was launched. The corporation stated in a press 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 solidify its position as a pioneer in digital banking insurance.

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

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KBC’s ‘closed loop’ banking and insurance ecosystem will be the first to utilize the token. It will eventually be integrated into a larger ecosystem that includes some KBC enterprise customers, third parties, and partners who 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 clients across the KBC group today and in the future.” “The Kate Coin and Kate’s digital assistant will help KBC clients to save time and money,” the KBC Group stated in a statement published Thursday.

Also Read: Crypto Payments Possible if They Don’t Penetrate Russia’s Financial System, Central Bank Says

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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