British Banks Pilot Tokenized Deposits Experiment.

Barclays, HSBC, and Citi, among other U.K. financial institutions, are embarking on a joint venture to pilot tokenized deposits.

UK Finance, the trade association representing the UK banking and financial services industry, is spearheading a pioneering pilot program aimed at leveraging crypto and blockchain technology to track financial transactions. This initiative marks a significant step forward in the adoption of crypto-related solutions within traditional banking systems.

Three major British financial firms (Barclays, Lloyds Banking Group, and Citi) are testing tokenized deposits in which money is represented by digital tokens that have a dedicate blockchain in a trial run that began in February 2023.

British baking giants of the likes of Barclays have taken part in a trial that centered around testing tokenized deposits, according to a recent report by Bloomberg.

UK Finance, a trade association for the United Kingdom banking and financial services sector seeks to expand its pilot of an experimental shared ledger to track financial firm's payments. Perfect Participants for the Pilot Testing With this offering, the association hopes to connect some of the disjointed dots in the nascent world of crypto.