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GTBank launches GT Coins
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Gt Coin: What is GTB Coins
Cryptocurrency has been on the rampant icrease since MMM and other ponzi schemes hit the scheme. You will not argue with me that the wave of cryptocurrency fever sweeping through the whole world is all-encompassing it seems, as even traditional banking institutions are joining the bandwagon. In this case, GTBank has introduced its own cryptocurrency to join the long list of Cryptocurrencies in Nigeria.
The surfacing of altcoins lately can be well attributed to the fact that most are trying to mimic bitcoin. We hope they get as lucky as Bitcoins so people can start choosing them as an alternative to Bitcoin trading in Nigeria.
The Guaranty Trust Bank(fondly referred to as GTBank), is Agueably one of the biggest banks in Nigeria and has been reported to dabbling into the cryptocurrency world. Tied to their 737 mobile services, they are distributing virtual coins referred to as GT coins as confirmed by several users of the service. The coins are credited to users account every time a transaction is made using the 737 service.
Many a user have been wondering what exactly is the point and use of the coins. The 737 service is one of the most extensive mobile banking services in the country and it seems they are aiming to make it even bigger with this new layer of functionality being added to the service.
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The GT coins are reportedly still in a testing phase as they are distributed to customers every time they make a transaction using the 737 service. It is reported that the GTBank is aiming to use the GT coins technology to facilitate business transactions rather than for personal use. This is not the GTBank’s first foray into crypto technology, however.
As at last year, the blockchain technology was used as a form of identity verification as it was incorporated into their GT tokens. The token generated a random code for users every time a transaction was made, quite similar to the TX code for bitcoin users. This made it impossible for duplicating of a transaction or unauthorized access to users’ account details. The token was said to use a 128-bit security encryption to protect transaction details. The token also allowed for instant international transactions and access to forex markets.
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However, in furthering their claim as the first bank in the country to introduce cryptocurrency to the general public, the GTBank GT coins aim to further delve into and explore the financial benefits and opportunities available in cryptocurrency world as opposed to just identity verification by the GT tokens. Users of the bank have confirmed that the GT coins are still being distributed exclusively as part of the 737 service only. The GTBank has not officially made a statement on the GT coins but we hope they will soon, so we can know even more about what they aim to do with the GT coins.
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Written by Godwin, C.E.O INCOMENIGERIA. Click Here to read about my Journey so far as an online entrepreneur