Monument Bank to Tokenize Retail Deposits on Public Blockchain

Monument Bank, a challenger bank in the UK, plans to tokenize up to £250 million in retail customer deposits on the Midnight public blockchain network. According to ChainCatcher, this move makes Monument Bank the first regulated bank in the UK to implement such a strategy on a public blockchain. The deposits involved will continue to accrue interest, be fully backed, and remain protected under the UK's Financial Services Compensation Scheme.