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Lloyds Bank Completes First UK Transaction Using Tokenized Deposits to Purchase Government Bonds
Summary: According to CoinDesk, Lloyds Banking Group, the third largest bank in the UK by market value, has completed the first UK transaction using tokenized deposits to purchase UK government bonds. Lloyds Bank utilized the Archax crypto trading platform and privacy-focused Canton network to make the purchase, demonstrating how tokenization technology can revolutionize traditional banking by ...
According to CoinDesk, Lloyds Banking Group, the third largest bank in the UK by market value, has completed the first UK transaction using tokenized deposits to purchase UK government bonds.
Lloyds Bank utilized the Archax crypto trading platform and privacy-focused Canton network to make the purchase, demonstrating how tokenization technology can revolutionize traditional banking by converting real-world assets into digital form for instant buying, selling, or transferring.
In this transaction, Lloyds Bank plc issued tokenized deposits on the Canton network, which were then used by Lloyds Bank Corporate Markets to purchase tokenized government bonds from Archax. Finally, Archax transferred the underlying funds back to its Lloyds Bank regular account.
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Link: Lloyds Bank Completes First UK Transaction Using Tokenized Deposits to Purchase Government Bonds [Copy]
