It is no longer news that the spring of cryptocurrencies sweeping through the whole world is all encompassing and the "African Continent " can never be left behind.

Taking Nigeria as a case study;
" Bitcoin” has taken centre stage.

    ** "Even the little baby quite knows about the prowess
    ** of “Bitcoin” amidst other cryptocurrency.”**

” That sounds quite humorous though, but the truth is not far fetched, since the very existence of cryptocurrencies 8 year ago"

There is no doubt that the use of modern algorithms and the blockchain technology have enabled cryptocurrency the ability to serve it market purpose. While this is far beyond its purchasing strength, there is little or no transaction hitch experienced while transacting with it.

“Seems that even the traditional banking industry in Nigeria are joining the train
In this case, the Guaranty Trust Bank.”

The Guaranty Trust Bank (fondly called GTBank) is one of the biggest banks in Nigeria. GTbank has introduced it’s own cryptocurrency to join the long list of cryptocurrencies available.

The surfacing Of altcoin lately can be well attributed to the fact that most cryptocurrencies are trying to mimic “BITCOIN”.

"I hope they get as lucky as bitcoin so people can start choosing them as an alternative to bitcoin".

The GTbank cryptocurrency is tied to the bank *737# mobile services.
They are now distributing virtual coins referred to as:

"GTcoins"

as confirmed by several users of the service including myself.

The coins are credited to users account every time a transaction is made using the *737# mobile service.

Many users 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 GTcoins are reportedly still in a testing phase as they are distributed to customers every time they make a transaction using the *737# mobile service. It is reported that the GTBank is aiming to use the GTcoins 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 GTtokens. 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, GTcoins 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 GTcoins are still being distributed exclusively as part of the *737# mobile 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.

I also think after the banks has embraced cryptocurrencies it should be the turn of the “Government” to embraced it too to ensure “TRANSPERENCY and ACCOUNTABILITY” in governance.

Thank you for Reading…

@rheda