KBC Group, a major European banking and insurance institution headquartered in Belgium, has launched a token based on a blockchain platform. Its customers can purchase the new proprietary coins and use them via their KBC wallet and mobile app.

KBC issues digital coin for customers 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 is preparing a large-scale test of the token, which will involve thousands of employees who will be able to spend it at a festival in Belgium this week, and will eventually roll it out across the group.

The coin comes a year and a half after the launch of Kate, KBC’s personal digital assistant. In a press release, the company noted that a whole new economy is now emerging based on technologies such as Web 3.0, cryptocurrencies and non-fungible tokens (NFTs). With its latest initiative, KBC aims to enter this new world and consolidate its position as a leader in Digital Banking Insurance.

As a bank insurer, KBC focuses on private customers and small to medium-sized companies in Belgium, Bulgaria, Hungary, Slovakia and the Czech Republic. Its customers can purchase Kate Coins and use them through their digital wallets and mobile accounts.

The token will initially be available in KBC’s closed-loop banking and insurance environment. Ultimately, it will be introduced into a broader ecosystem that includes some KBC corporate customers, third parties and partners offering services to 1.8 million users via the bank’s mobile platform.

“Powered by digital assistant Kate, the Kate Coin will proactively make life easier for our customers across the KBC Group today and in the future. The combination of digital assistant Kate and Kate Coin will allow KBC customers to save time and money,” KBC Group said in a statement released on Thursday.

This isn’t the first time a major banking company has created its own digital currency. In 2020, global investment bank and financial services company JPMorgan announced its own crypto, JPM Coin, also based on blockchain technology and enabling payments between institutional clients.

tags in this story

Bank, Banking, Belgium, Belgium, Central Europe, COIN, Crypto, Cryptocurrencies, Cryptocurrency, Eastern Europe, Europe, Financial Company, Insurance, Insurer, Kate, Kate Coin, KBC, KBC Group, Token

Do you expect other big financial companies to release their own digital coins? Tell us in the comment section below.

Lubomir Tasev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, Wiki Commons, Lithuaniakid

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