Belgian banking group KBC Group has just launched the Kate Coin, a euro-pegged digital token. The tool is intended to be used within the ecosystem of an organization and its partners.
According to the press release shared by the banking institution, the Kate Coin is a digital token based on an exclusive blockchain developed by KBC. Private clients will be able to purchase the stablecoin through the bank’s mobile app. The lending institution has emphasized that the token has no value outside of the KBC ecosystem.
Erik Luts, Group Innovation Director, has commented on the launch:
“Clients can purchase Kate Coin as a loyalty reward, when purchasing a certain product or performing certain actions. The tokens can be used, for example, to receive a discount on another KBC product.”
KBC Group has warned that tokens cannot be transferred to other users or exchanged for euros.