Digital bank with cryptomoedas, Alter announced new brand and a cashback program with Bitcoin.
Alterbank, a digital bank that works with cryptomoedas in Brazil, announced the name change of the brand to Alter this week through its press office.
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From now on, the digital bank continues under the Alter brand, without the need for re-registration or any change by customers. According to the bank, Alter seeks „to get closer to its clients and simplify the portfolio of services offered by the Brazilian public, and to go beyond its mission of being an alternative of financial services and cryptoactives“.
Alter’s CEO, Vinicius Frias, explains the name change in the bank’s official crypto blog:
„The naming work began some time ago mapping the company’s mission, our values and our services around a unique name that would crystallize everything we believe and work to make happen. And despite all the difficulties that 2020 has brought us – as our current brand Alterbank is sub judice – we were able to employ a bold schedule to launch new services in our App that made us see that the name change also means to highlight our DNA agile in growing and innovating at all times“.
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Alterbank engaged in a legal battle with another digital bank, Altbank, involving an alleged trademark infringement. On December 4, the court ruled that Alterbank would have 72 hours to change its name, under penalty of a fine.
Alterbank’s trademark registration dates back to August 2019. However, almost a year later, the application was denied by the National Institute of Industrial Property in June 2020, which saw similarities in the performance of the two banks and recognized that Alterbank’s registration is earlier, from November 2018.
This was one of the arguments used by the courts to determine the name change of the crypto digital bank, which now becomes known as Alter.
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Another novelty announced by the crypto bank is a Bitcoin cashback program about payments made with Alter’s Visa card. The Cryptoback has automatic adhesion of the customers, who receive „fractions of Bitcoins in each purchase“. The cashback is invalid and customers can use the received crypto in any way they want.
According to the bank’s CEO, however, explains that Equity Crowdfunding investors are the first to be contemplated by the cashback, with the promise of expansion for all clients to come soon.