According to some media outlets, it might be possible for KBC, one of the largest banks in Belgium, to launch a crypto token. Over the last years, several organizations and institutions launched their own coins in order to offer new services to clients and users. This shows that traditional financial organizations are also looking for new ways to adapt to these new times.
Belgium Bank Could Launch a Crypto Token
The local bank KBC could be ready to launch its own native cryptocurrency. Apparently, the token could be used to reward customers and tokens as it tries to engage with its clients, users and customers. This could lead to a larger number of clients trying new products and services. Thus, the token would work as an incentive for customers to engage with the bank and its solutions.
During the presentation of the virtual assistance “Kate,” the bank informed that the KBC coin is not yet available to the public. However, they are testing it using a private environment to understand which things could be improved and how it works. Additionally, they are planning to release more information about the project in the coming weeks.
The CEO of the bank, Johan Thijs, explained that the coin could be earned by loyal customers and spend on different services.
“This coin can initially be earned by loyal customers and spent on additional service. The coin will be in a closed system. It’s a ‘closed-loop currency’. So it’s not a currency like the euro that allows you to go around the world and make payments everywhere. It’s a digital currency that we use in a certain environment, for example, the customer environment.”
It is worth mentioning that they explained that the coin has no relation to Bitcoin (BTC). At the end of 2020 and early 2021, Bitcoin has been moving higher and reaching new records. The maximum price reached by Bitcoin was close to $63,000.
Indeed, the new KBC coin the bank is working on would not be publicly available. It would only be used on the platform of the bank and it would work like points that can be awarded to users and clients. However, they are not planning to make it available on exchanges or other types of public platforms.
This shows that banks are planning to launch tokens that would be linked to users’ activities and their engagement with the company and bank.