UK Monument Bank Plans to Tokenize £250 Million in Retail Deposits

Gate News Report, March 25 — Challenger bank Monument Bank in the UK (an emerging digital bank) plans to tokenize retail customer deposits of up to £250 million (approximately $335 million) on the Midnight public blockchain network, becoming the first regulated bank in the UK to do so on a public blockchain. The related deposits will continue to accrue interest, be fully backed, and be protected by the UK Financial Services Compensation Scheme.

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