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UK's Monument Bank Delays Retail Deposit Token Launch Amid Regulatory Hurdles

Guavy AI Editorial Team
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Monument Bank, a UK digital bank, has delayed the launch of its £250 million retail deposit token due to regulatory issues related to custody. The delay pushes back the original timeline, with the new target launch date set for November.

The token, which will utilize zero-knowledge proof technology from Midnight, aims to ensure regulatory compliance and provide audit-related information on-chain while keeping customers' financial data protected within the bank's internal systems.

Midnight is a layer-1 blockchain backed by Cardano founder Charles Hoskinson. The partnership with Monument Bank was seen as an innovative approach to combining banking and blockchain technology.

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