Monument Bank Tokenizes £250M Deposits on Midnight Blockchain
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Show Notes
Monument Bank, a London-based challenger, is pioneering a new era in banking by tokenizing up to £250 million of retail customer deposits on the Midnight blockchain. This move, the first of its kind by a U.K.-regulated bank, offers customers continued interest earnings, full asset backing, and redemption in pounds sterling. The deposits are also safeguarded by the U.K.s Financial Services Compensation Scheme. Targeting mass-affluent clients, Monument is partnering with St. Jamess Place to offer tokenized investment products and lending options. The Midnight network, built by Shielded Technologies and Cardano developers, ensures privacy and compliance. Monuments tech arm is set to offer this service to other banks, potentially revolutionizing the industry.
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