UK-based Monument Bank Plans to Tokenize £250 Million in Retail Deposits
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UK-based Monument Bank Plans to Tokenize £250 Million in Retail Deposits
According to CoinDesk, UK challenger bank Monument Bank plans to tokenize up to £250 million (approximately $335 million) in retail customer deposits on the Midnight public blockchain network, becoming the first regulated bank in the UK to take such a step on a public blockchain. The tokenized deposits will continue to earn interest, remain fully backed, and be protected by the UK’s Financial Services Compensation Scheme.
Navigating Web3 tides with focused insightsTechFlow News: On March 25, according to CoinDesk, UK challenger bank Monument Bank plans to tokenize up to £250 million (approximately $335 million) in retail customer deposits on the Midnight public blockchain network—making it the first regulated bank in the UK to undertake such an initiative on a public blockchain. These tokenized deposits will continue to earn interest, remain fully backed, and be protected under the UK’s Financial Services Compensation Scheme.
