Monument Bank pushes retail tokenized deposit launch to November

Monument Bank has delayed the planned rollout of retail tokenized deposits as it completes the onboarding of a custody partner. The London-based challenger bank selected a Canadian custodian to help satisfy regulatory requirements set by the UK’s Financial Conduct Authority, according to CoinDesk. The bank now expects to make the tokenized deposit service available to retail customers by November. The update highlights the additional compliance and infrastructure steps involved before a regulated financial institution can offer tokenized deposit products to consumers. No further details on the custodian or the specific features of the planned service were provided in the source material.