Monument Bank to tokenized 250 million pounds of retail deposits in UK first

The deposits will remain interest-bearing, fully backed, and protected by the country's Financial Services Compensation Scheme. What to know : Monument Bank, a U.K. challenger bank, plans to tokenize up to 250 million pounds ($335 million) of retail customer deposits on the Midnight network, a public blockchain. The deposits will remain interest-bearing, fully backed, and protected by the U.K.'s Financial Services Compensation Scheme. The move could pave the way for other institutions to adopt similar tokenized deposit models through Monument's Banking-as-a-Service platform.(Coindesk)