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Monument Bank Says It Is Tokenizing Retail Deposits With Midnight Network

Founder Mintoo Bhandari said the banking experience of the future will be as simple as ordering an Uber, according to the post announcing the move.

Summary

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Terms & Concepts
  • Tokenization: The process of representing real-world assets or claims as blockchain-based digital tokens.
  • Retail deposits: Money placed in bank accounts by individual consumers rather than institutions.
  • Midnight Network: A blockchain network referenced in the announcement as Monument Bank’s partner for tokenizing deposits.