Belgium’s KBC bank plans to provide a cryptocurrency retail offering via its Bolero banking app, Les Echo reported. First it needs to get approval as a crypto asset service provider (CASP), which could make it the first Belgian firm to land a license. It hopes to launch the service later in the year.
While its crypto experience might be limited, the bank has a blockchain track record. France’s Societe Generale FORGE is credited as the first European banking affiliate to launch an e-money token – the EU term for a stablecoin. However, one could technically argue that KBC was first, although the two offerings are very different.
Three years ago KBC launched the Kate Coin to users of its Bolero app. Kate Coin is only transferrable between KBC clients and uses private permissioned blockchain technology, whereas SocGen FORGE’s EURCV is closer to a typical stablecoin. The KBC offering was used to provide rewards to Bolero users.
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