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Monument Bank has announced plans to introduce tokenised retail deposits using blockchain infrastructure, a move that highlights increasing convergence between traditional banking and blockchain technology. The initiative, developed in collaboration with the Midnight Foundation, is designed to let customers hold digital versions of their bank deposits while retaining the same protections and benefits as conventional savings accounts.
Unlike cryptocurrencies, the tokenised deposits would not be separate assets. They would function as digital representations of funds already held within the bank. Each token would be backed one-to-one by traditional deposits, allowing customers to redeem their holdings in pounds sterling while earning interest as usual.
The project is expected to begin with a rollout of up to £250 million in deposits. Monument Bank also outlined a phased expansion of services beyond tokenised savings.
Future stages may include access to tokenised investment products, potentially covering asset classes such as private equity and commodities. The bank said such opportunities have traditionally been limited to institutional investors or high-net-worth individuals, while tokenisation could broaden access.
Another planned feature is the ability for customers to borrow against their tokenised assets. The bank’s approach would allow users to unlock liquidity without needing to sell their investments, reflecting services typically associated with private banking.
A key component of the initiative is the use of privacy-focused blockchain technology. The infrastructure is intended to ensure that sensitive financial data remains accessible only to authorised parties, addressing regulatory concerns related to transparency and data protection in decentralised systems.
The announcement comes as financial institutions worldwide continue to explore tokenisation to improve efficiency and expand access to financial markets. While many tokenisation projects have focused on institutional use, Monument Bank’s plan places retail customers at the centre, which the bank describes as a potential step toward more mainstream adoption of blockchain-powered banking solutions.
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