One of Europe’s largest banks has created a digital token

Belgian banking conglomerate KBC Group has launched a token that will be pegged to the euro exchange rate.

KBC Group, a Belgian banking group, launched a digital token tied to the euro exchange rate, Kate Coin. It is intended solely for use within the ecosystem of the organization and its partners. This is a text from community cryptodefix. Kate Coin is based on a blockchain created by KBC. Private clients will be able to purchase the digital asset on the bank’s mobile app. Outside of the KBC ecosystem, the token will have no value.

KBC creates a first in Europe with the Kate Coin, its own digital coin based on blockchain https://t.co/zHEoJrzCW5 #kbcgroup #digital coin #innovation pic.twitter.com/VxVLQbtcg6
— KBC Group (@kbc_group) June 16, 2022

KBC Group clarified that users will not be allowed to betray the tokens to other users or exchange them for euros. The Kate Coin token is backed by the bank’s euro holdings, but is itself neither a stablecoin nor a cryptocurrency. The company calls it a programmable digital coin tool.

The bank will test the performance of the token at the Werchter Boutique music festival. KBC employees will be able to pay for food and drinks with Kate Koin.