CME, Bank of Montreal Team Up to Launch Tokenized Cash Service

Bank of Montreal plans to offer tokenized cash services and deposits to institutional clients, allowing them to move money around more easily at any time.

The Canadian bank is launching the service through the network of CME Group Inc., the largest US derivatives exchange. “Clients will be able to move funds continuously when markets demand it, not when banking hours allow it,” Derek Vernon, the bank’s head of North American treasury and payment solutions, said in a statement Tuesday.