Lloyds Bank issued tokenized deposits on the Canton Network in order to purchase tokenized Gilts from UK digital asset broker Archax as part of a pilot. While the main bank issued the tokenized deposit, it was then used by Lloyds Bank Corporate Markets to purchase the Gilts. Archax then transferred the tokenized deposit to its regular Lloyds Bank account.
Digital Asset’s Canton technology is known as an enterprise blockchain, but the Canton Network is a public chain aiming to link the institutional permissioned distributed ledgers. In this case Lloyds issued the tokenized deposit onto the public chain and also operated a validator node on the network.
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