UK’s Monument Bank Delays Launch of £250 Million Retail Deposit Token Over Regulatory Issues
JH Kim
Summary
- Monument Bank has delayed the launch of a £250 million retail deposit token by several months because of custody-related regulatory issues.
- Monument Bank is now targeting a November launch for the deposit token, later than originally planned.
- The token uses Midnight’s zero-knowledge proof technology and is designed to prove regulatory compliance and provide audit information on-chain.
Forecast Trend Report by Period
Monument Bank, a UK digital bank, has delayed the launch of a £250 million retail deposit token by several months because of custody-related regulatory issues.
CoinDesk reported on September 10 that Monument Bank is now targeting a November launch, later than originally planned.
The token will use zero-knowledge proof technology from Midnight, a layer-1 blockchain backed by Cardano founder Charles Hoskinson.
It is designed to keep customers’ financial data protected within the bank’s internal systems while proving regulatory compliance and providing audit-related information on-chain.
JH Kim
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