Belgian banking and insurance institution KBC Group has begun the issuance of a digital coin for its clients and partners. According to the Brussels–based bank, the coin— Kate Coin, will be based on a blockchain platform, and clients could deploy the coin for use on its native KBC wallet and mobile app.
However, KBC Group plans to subject the coin to a large-scale test, using thousands of employees who will be able to spend it at an upcoming festival in Belgium. Consequently, the coin will be launched for general use.
The rollout of KBC’s Kate Coin follows the initial launch of Kate, the firm’s digital personal assistant. KBC Group has also announced that it is developing a new economy centred around Web3, cryptocurrencies, and NFTs. The Kate Coin launch stands as a move to affirm its position as an industry leader in digital banking insurance.
KBC Group’s clientèle includes private clients and SMEs in the following countries— Belgium, Bulgaria, Hungary, Slovakia, and the Czech Republic.
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The new coin will be initially available to a selected few within the banking and insurance terrain. However, KBC Group will later launch the coin in a wider ecosystem, onboarding its customers, third parties, and partners that offer services through the bank’s mobile platform to 1.8 million users.
Shedding more details about the new coin, the firm noted;
“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.”
In a similar move, banking giant JP Morgan announced the launch of its JPM Coin in 2020, a digital currency designed on the blockchain to enable payments between its institutional clients.
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