GTBank launches GT Coin
By : Martin -
GTBank’s 737 platform has enjoyed massive adoption by Nigerians for diverse functions including inter/intra bank transfers, airtime purchase and data purchase among others. Many users of this platform (myself inclusive, well… just until recently) however don’t know that for each 737 transaction they perform, they get rewarded with a cryptocurrency known as GT Coin.
I’m quite familiar with cryptocurrencies and actively trade them on exchanges like Poloniex and Bittrex (especially Bittrex) but have never come across GT Coin. A quick check of coinmarketcap revealed nothing either and the only details available online about it shows that it is a project by the bank which is still in its trial phase.
Now this wouldn’t be the first time GTBank is venturing into blockchain tech, there are unconfirmed reports of them incorporating it in their tokens for identity verification. This was achieved by generating a random code (quite like the Tx hash in bitcoin transactions) for users each time they perform a transaction, thereby preventing transaction duplication or unauthorized access to users’ account details.
Enquiry as to what the coin is and it’s use cases revealed that it is a promo on the 737 platform and users earn the coin as they use the service till they accumulate enough to make a purchase on the SMEMarketHub. This detail was gotten from the bank’s customer care department via email as seen in the screen short below.
Guarantee Trust Bank has always been the preferred bank for many Nigerians (especially the young) because of their technological innovations, little wonder they are one of the leading banks in Nigeria. Though GT Coin is in its trial phase, I’ll keep my fingers crossed in the hope that someday I’ll have “piled up” enough to purchase an item of my choice on “The Hub” or probably just exchange it for cash. Keep up the good work GTB!