The Guaranty Trust Bank(fondly referred to as
GTBank), one of the biggest banks in Nigeria, is
reportedly 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.
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.
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.
That’s that on GTBank GT Coins.
(Source) https://paxful.com.ng/know-gtbank-gt-coins/