Skip to main content

GTBANK Reportedly Experimenting With Crypto In Nigeria

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 aims to add another layer of functionality to their payment gateway.
The GTBank has already participated in a number of crypto technology 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
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



Popular posts from this blog

Get ready for a 2018 cryptocurrency crime wave

With bitcoin recently pushing past the $19,000 level ( despite crashing hard on Friday)  and a slew of other cryptocurrencies like ethereum, litecoin and Ripple making rapid price gains in its wake, it’s never been a more bullish time for digital currency investors. But there is always a price to be paid for such success and in this case cryptocurrency’s massive surge in popularity is likely to trigger an epic wave of crime.   Already on December 4th, the  SEC announced  it shut down an initial coin offering (ICO) for allegedly defrauding investors of $15 million. However, while fraud is an inherent risk of cryptocurrency, as wallets, exchanges and ICOs all take place with little to no legal or regulatory oversight, it is hacking which presents a far more serious threat for investors because it is so widespread and so difficult for the average person to avoid.   Hacking has been a recurring problem for this industry from the very beginning. In fact, a report last year from the US

Ripple (XRP) Cryptocurrency To The Moon Today

Crytocurrencies are the next big thing in the global economy and there are several virtual coins such as Bitcoin Cash, Ehtereum, Ripple, Litecoin and more. All those following the cryptocurrency market are becoming more and more interested in Ripple. Could it be the next best thing happening in the crypto space? Buy some Ripple today Or at least that is what some are planning of doing, even before it gets listed in Coinbase. Those who are novice at this have to know that they can get XRP through exchanges using Binance, Bitfinex, Coinone or Kraken. Ripple’s parent company locked 55 billion XRP at the beginning of December, on the 8 th  of December and by the 15 th  exchanges ( listed XRP price at around $1.57. A price surge happened due to loyal Ripple disciples. Now, the value of the XRP is closer to $0.922, meaning there has been a 620% increase from the first price surge. CNN believes it is one of the best cryptocurrency so far CNN has named Ripple a leading