One of Nigeria’s biggest banks, the GTBank has reportedly expanded into experimentation with cryptocurrencies. Users of the 737 mobile service may have seen GT coins being credited when transactions are made. The 737 service is already one of the most extensive mobile banking solutions effective in the country, as GT Bank aim to add another layer of functionality to their payment gateway.
The GTBank has already participated in a number of cryptotechnology conferences being part of the CBN group. Currently the coins are being distributed when users make transactions using the 737 mobile service. It is predicted the coins being tested may allow the bank to develop the technology further to facilitate business transactions too rather than focusing on personal use.
This comes as the GTBank have also delved into blockchain and crypto technology previously. Used as a basis for their GT Tokens, the technology was used essentially as a form of identity verification. Released late last year, the token was able to allow users to be given a random code for every transaction carried out, similar to a Tx code for bitcoin users. Preventing fraudsters from duplicating a transaction or even accessing your account details the token claimed to use 128 bit security for protection of client details. Furthermore, the versatility of the token extended to allowing users to make instant international transactions within banking networks, and even gain unrestricted access to forex markets across the globe.
⦁ Transfer to any GTBank account and other banks in Nigeria
⦁ Pay for your HITV subscription.
⦁ Pay for your phone bills (MTN postpaid) and internet services (Starcomms)
⦁ Pay for your US Visa fee
⦁ Sell Foreign currencies from your domiciliary account(s) to the bank.
⦁ Transfer foreign currencies (Dollars, pounds, Euro) from your domiciliary account to anyone in the world
⦁ Place a standing order on your account
Features of the GT Token
TO conclude, GTBank may become one of the first ever Nigerian banks to introduce cryptocoin technology to the public. While their previous project has been a success, the coins will aim to delve into the financial benefits provided by cryptocoin technology rather than identity verification and security purposes. Currently the coins have been distributed exclusively as part of the 737 service not yet expanding to cover the other financial products offered by the bank.
We reached out to the GT Bank but no response was provided at the time of writing.