Alterbank announces name change to ‚Alter‘ and launches Bitcoin cashback

Digital bank with cryptomaps, Alter announced a new brand and cashback program with Bitcoin.

Alterbank announces name change to ‚Alter‘ and launches BitcoinNOTÍCIAS cashback

Alterbank, a digital bank that works with cryptomoedas in Brazil, announced a name change 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 cryptoactive.

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 brought us – as our current Alterbank brand is sub judice – we were able to employ a bold schedule to launch new services on our App that made us realize that the name change also means highlighting 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 actions of the two banks and acknowledged that Alterbank’s registration was earlier, from November 2018.

This was one of the arguments used by the courts to determine the change of name of the encrypted digital bank, which is now known as Alter.

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Another novelty announced by the crypto bank is a Bitcoin cashback program on payments made with the Alter Visa card. Cryptoback is automatically adhered to by customers, who receive „fractions of Bitcoins with every purchase“. The cashback is invalid and customers can use the received crypto in any way they like.

According to the bank’s CEO, however, he explains that Equity Crowdfunding’s investors are the first to be contemplated by the cashback, with the promise of expansion for all customers to come soon.

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