Why Wall Street giants build tokenization money for institutions, not regular consumers
JPMorgan and Citi move billions in tokenized deposits, but only among their branches. A U.K. challenger bank is about to do something neither has done.
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Summary
- JPMorgan and Citi process trillions of dollars through blockchain systems, but their tokenized payment services remain largely limited to institutional customers and permissioned networks.
- Monument Bank plans to tokenize up to 250 million pounds of interest-bearing retail deposits on Midnight, using zero-knowledge proofs to protect customer data while meeting regulatory requirements.
- The project aims to give consumers access to tokenized investments and lending through a conventional banking app without requiring them to understand or directly use cryptocurrency.
