monument

According to CoinDesk, while Wall Street giants like JPMorgan and Citi have processed huge amounts of money through blockchain, tokenized payment services are still primarily aimed at institutional clients and licensed networks. JPMorgan's Kinexys blockchain platform has processed over $3 trillion, and Citi Token Services handles billions of dollars in cross-border payments daily, neither of which is open to regular savings users.The UK challenger bank Monument Bank is attempting to fill this gap. The bank has a balance sheet size of approximately $2.4 billion and plans to tokenize up to £250 million (about $335 million) of retail customer deposits on the privacy public chain Midnight. These deposits will still earn interest, be fully backed by the bank, can be exchanged 1:1 for pounds, and are protected by the Financial Services Compensation Scheme. The project utilizes zero-knowledge proofs to protect customer data and meet regulatory requirements, allowing users to engage without needing to understand or directly use cryptocurrencies.Mintoo Bhandari, founder of Monument Bank, stated that most tokenization projects are currently internal bank projects and have not yet truly allowed retail users to participate directly in tokenization. In the long term, the bank plans to offer fractional private equity, tokenized structured products, and Lombard loans to customers through regular banking applications under compliance, and is considering licensing related infrastructure to other banks through its subsidiary Monument Technology.

According to CoinDesk, London challenger bank Monument Bank has postponed its £250 million (approximately $330 million) project to tokenize UK retail bank deposits for several months, as the bank has been unable to find a local crypto custodian that meets the Financial Conduct Authority (FCA) standards and can handle zero-knowledge privacy proofs.Mintoo Bhandari, founder of Monument Bank, stated that the bank originally planned to tokenize customer deposits on the privacy public chain Midnight, hoping to launch the world's first tokenized deposits two months ago, but it is now expected to take another two months, with a retail customer launch in November. To meet regulatory requirements, the bank expanded its search for custodial partners to overseas, ultimately finding a Canadian custodian approved by the FCA.Midnight is a privacy-first Layer 1 blockchain project funded by Charles Hoskinson, which keeps customer information within the Monument system through zero-knowledge proofs while allowing the bank to prove compliance on-chain and provide audit records to regulators. Monument Bank announced the project in March this year, planning to offer tokenized private equity, structured products, and automated Lombard loans to "mass affluent" customers with investable assets ranging from £50,000 to £5 million.Bhandari stated that customer deposits will continue to earn interest, fully backed by Monument, and can be exchanged at a 1:1 ratio for pounds, protected by the Financial Services Compensation Scheme (FSCS), with a limit of £120,000 per person or company.

According to CoinDesk, UK challenger bank Monument Bank plans to tokenize up to £250 million (approximately $335 million) of retail customer deposits on the Midnight public blockchain network, becoming the first regulated bank in the UK to implement this initiative on a public blockchain.The related deposits will continue to accrue interest, be fully backed, and be protected by the UK's Financial Services Compensation Scheme.