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With Kate Coin, KBC launches its own virtual currency - Finance

With Kate Coin, KBC launches its own virtual currency – Finance

Called Kate Coin, it will allow KBC customers to transact within its ecosystem, reward loyal customers and give them access to additional services.

As the crypto-asset market continues to gain momentum, KBC has decided to enter the arena with its own virtual currency: the Kate Coin. According to KBC CEO Johan Thijs, this is a first in Belgium and even on a European scale. “The Kate Coin is the first digital currency launched by a bank based on blockchain technology in Belgium and Europe, explains the banker, presenting some thirty supporting slides entitled “Virtual currencies are the future”. This is a significant step forward for KBC. A completely new economy is currently developing on the basis of recent technologies, such as web 3.0, cryptocurrencies, NFTs. With the Kate Coin, we are entering this new world with endless possibilities”, rejoices Joahn Thijs.

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Not a bitcoin

Named after Kate, KBC’s digital assistant, the Kate Coin is a digital currency (e-money token), based on ultra-secure blockchain technology. Fully developed and cash-backed by the banking and insurance group, it is pegged to the euro on a 1:1 parity basis (one euro per Kate Coin). While the customer can acquire Kate Coins when contacting KBC via its various channels (bank branch, KBC Live, etc.), its use is linked to the KBC Mobile app, which has 1.8 million users. Kate Coins are not transferable to other KBC customers and cannot be exchanged for euros. Everything happens in an environment closed-loop, a closed environment chosen by the bank, and outside of which the Kate Coin cannot be used and therefore has no value. Nothing to do with a new bitcoin, despite its logo reminiscent of that of the famous crypto. The Kate Coin is not referenced on any cryptocurrency exchange platform. “Speculating on the Kate Coin will not work, underlines Johan Thijs. It is impossible, its value does not change. It is not a volatile asset. super safe moneyIn other words, the Kate Coin is a virtual currency that allows KBC customers to carry out transactions in its ecosystem, to reward loyal customers and to give them access to additional services via KBC partners. (supermarkets, etc.).

Programmable currency

Another feature of the initiative: the blockchain technology used by KBC makes the Kate Coin fully programmable. This means that it is possible to target its use, encourage certain behaviors, reward loyalty, etc. Hence the expression programmable money since the conditions of use of Kate Coins are fixed in advance. It is thus possible to set the number of Kate Coins needed in exchange for a specific service, where they can be spent or even the period during which they can be used. For example, Kate Coins can be allocated to sustainable behaviors, such as placing savings in socially responsible funds, a new type of food product with CO2 emissions.2 minimums or borrow money to buy an electric bike. The value of these Kate Coins can then increase in this case, be doubled for example (1 Kate Coin = 2 euros), temporarily or not (valid for two days or two years). In short, “we can program our values ​​in your money!“, summarizes Johan Thijs.

Werchter Store

Perfectly aligned with the new digital strategy NextLevel of the group, aiming to enable customers to save time and/or money (no hassle, no friction), Kate Coin will be officially launched this Saturday, June 19, at Werchter Boutique, of which KBC is a sponsor. The festival will be the scene of the first large-scale test of the Kate Coin. No less than 8,000 KBC employees present on the Werchter plain will pay, as a test, their beer drinks with Kate Coins. A large-scale test to verify whether KBC’s blockchain platform is able to process a large amount of small transactions quickly and correctly in a relatively short time. What Johan Thijs obviously does not doubt: “Kate Coin is a game changerit’s great!”, concludes the CEO of KBC, paraphrasing Stromae, headliner of the festival.

As the crypto-asset market continues to gain momentum, KBC has decided to enter the arena with its own virtual currency: the Kate Coin. According to KBC CEO Johan Thijs, this is a first in Belgium and even on a European scale. “The Kate Coin is the first digital currency launched by a bank based on blockchain technology in Belgium and Europe, explains the banker, presenting some thirty supporting slides entitled “Virtual currencies are the future”. This is a significant step forward for KBC. A completely new economy is currently developing on the basis of recent technologies, such as web 3.0, cryptocurrencies, NFTs. With the Kate Coin, we are entering this new world with infinite possibilities”, rejoices Joahn Thijs.Not a bitcoinTaking its name from Kate, KBC’s digital assistant, the Kate Coin is a digital currency (e-money token), based on ultra-secure blockchain technology. Fully developed and cash-backed by the banking and insurance group, it is pegged to the euro on a 1:1 parity basis (one euro per Kate Coin). While the customer can acquire Kate Coins when contacting KBC via its various channels (bank branch, KBC Live, etc.), its use is linked to the KBC Mobile app, which has 1.8 million users. Kate Coins are not transferable to other KBC customers and cannot be exchanged for euros. Everything happens in a closed loop environment, a closed environment chosen by the bank, and outside of which the Kate Coin cannot be used and therefore has no value. Nothing to do with a new bitcoin, despite its logo reminiscent of that of the famous crypto. The Kate Coin is not referenced on any cryptocurrency exchange platform. “Speculating on the Kate Coin will not work, underlines Johan Thijs. It is impossible, its value does not change. It is not a volatile asset. It is super safe money.” In other words, the Kate Coin is a virtual currency allowing KBC customers to carry out transactions in its ecosystem, to reward loyal customers and to give them access to additional services via KBC partners. (supermarkets, etc.). Programmable currencyAnother feature of the initiative: the blockchain technology used by KBC makes the Kate Coin fully programmable. This means that it is possible to target its use, encourage certain behaviors, reward loyalty, etc. Hence the expression programmable money since the conditions of use of Kate Coins are fixed in advance. It is thus possible to set the number of Kate Coins needed in exchange for a specific service, where they can be spent or even the period during which they can be used. For example, Kate Coins can be allocated to sustainable behaviors, such as placing savings in socially responsible funds, a new type of food product with minimal CO2 emissions or borrowing money to buy an electric bicycle. The value of these Kate Coins can then increase in this case, be doubled for example (1 Kate Coin = 2 euros), temporarily or not (valid for two days or two years). In short, “we can program our values ​​in your money!”, summarizes Johan Thijs. Werchter BoutiquePerfectly aligned with the group’s new Next Level digital strategy, aimed at enabling customers to save time and/or money (no hassle, no friction), Kate Coin will be officially launched this Saturday, June 19, at the used by Werchter Boutique, of which KBC is a sponsor. The festival will be the scene of the first large-scale test of the Kate Coin. No less than 8,000 KBC employees present on the Werchter plain will pay, as a test, their beer drinks with Kate Coins. A large-scale test to verify whether KBC’s blockchain platform is able to process a large amount of small transactions quickly and correctly in a relatively short time. What Johan Thijs obviously does not doubt: “Kate Coin is a game changer, it’s great!”, Concludes the CEO of KBC, paraphrasing Stromae, headliner of the festival.

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