Lloyds Bank Completes UK's First Tokenized Deposit to Purchase Government Bonds Trade

BlockBeats News, January 7th, according to CoinDesk, Lloyds Banking Group, the third largest bank in the UK, announced the completion of the UK's first transaction using tokenized deposits to purchase government bonds (Gilt-edged securities), completed in collaboration with the crypto exchange platform Archax and Canton Network. Surath Sengupta, Head of Lloyds Bank's Transaction Banking Product, stated that tokenized deposits can provide benefits such as instant settlement, smart contracts, and increased transparency, while still earning interest and remaining within the financial services compensation scheme deposit protection.