• UK Monument Bank set to tokenize £250 million in retail deposits on Midnight. 
• Cardano’s Midnight blockchain is already off to a strong start. 
• Charles Hoskinson and the Cardano community are pleased by this deal.

The Cardano community is pleased to see the promising blockchain network secure more capable deals, showcasing the incredible abilities and technological prowess of the Cardano ecosystem. Most recently, Charles Hoskinson was pleased to shed light on the blockchain’s latest deal. In detail, a prominent UK Bank is set to tokenize £250 million in retail deposits on Cardano’s Midnight blockchain. 

Monument Bank Set to Tokenize  £250 Million in Retail Deposits 

The Midnight sidechain has been one of the most highly anticipated events in the blockchain and crypto sphere over the last couple of years as its founder, Charles Hoskinson, the same visionary behind the Cardano ecosystem, ventured on the short journey of creating a truly anonymous ecosystem. On the Midnight blockchain, privacy is the core value, and the blockchain is finally delivering. 

Most blockchains failed to deliver transparency with anonymity, bringing the end of most privacy chains over the years. The key lies in zero-knowledge rollups, which allow a modern privacy network to deliver transparency with true anonymity, thus, maintaining responsibility with every transaction. With its recent launch the Midnight network is set to makes waves in the blockchain and crypto sphere. 

Cardano’s Midnight Blockchain Prepares to welcome Monument Bank

Before the Midnight sidechain’s launch, the network’s two native tokens DUST and NIGHT were launched. The most prominent of these token launches was from the highly anticipated Glacier airdrop. What makes Midnight a more exciting project is the fact that it is powered by Cardano, which, at the moment, is infinitely scalable, highly interoperable, and truly decentrlized. This makes Midnight very accessible to all industry players.

As we can see from the post above, Midnight is already making extravagant progress. In detail, Monument Bank, a Bank of England-regulated institution, is set to become the first UK-regulated bank to tokenize retail customer deposits on a public blockchain, using Cardano’s privacy-focused Midnight network. Deposits will remain interest-bearing, fully backed in GBP, redeemable on demand, and protected under the UK’s Financial Services Compensation Scheme. 

What’s more, Midnight’s zero-knowledge proof infrastructure keeps transaction data visible only to the bank and its customers. Cardano founder called it “one of the largest deals we’ve ever done,” projecting it could bring hundreds of millions to billions in TVL to the Midnight ecosystem. Monument’s affiliate also plans to offer the same tokenized deposit infrastructure to other banks via its Banking-as-a-Service platform.