Custodia, Vantage Bank launches platform for tokenized deposits
Custodia Bank has launched a solution that lets banks tokenize deposits, enabling them to benefit from blockchain’s advantages while safeguarding customer deposits.
Crypto-friendly banks Custodia Bank and Vantage Bank have launched a turnkey blockchain solution allowing traditional banks to issue tokenized deposits that will work with stablecoins.
The solution enables banks to leverage blockchain’s near-instant, low-cost transactions in an interoperable manner with other banks while being able to retain customer deposits, the two banks said in a statement on Thursday.
Tokenized deposits are digital versions of bank deposits issued on a blockchain, representing real US dollars held by banks.