UK’s Monument Bank plans to tokenize £250 millions in retail deposits
According to ChainCatcher, UK challenger bank Monument Bank plans to tokenize up to 250 million pounds (approximately 335 million US dollars) of retail customer deposits on the Midnight public blockchain network, becoming the first regulated bank in the UK to implement this on a public blockchain.
The related deposits will continue to accrue interest, be fully backed, and remain protected under the UK's Financial Services Compensation Scheme.
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