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UK Monument Bank Plans to Tokenize £250 Million in Retail Deposits
Deep Tide TechFlow News, March 25 — According to CoinDesk, UK challenger bank Monument 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.