Cardano (ADA ($0.27 · Live)) founder Charles Hoskinson announced that they have signed one of the biggest deals ever for the Cardano and Midnight ecosystem.
Hoskinson argued that the collaboration could attract hundreds of millions to billions of dollars in total locked value (TVL).
According to a statement by the Midnight Foundation, a strategic partnership has been established with UK-based Monument Bank. Under this partnership, Monument Bank is poised to become the first UK-regulated bank to tokenize individual customer deposits on a public blockchain. The tokenized deposits will be represented as interest-bearing digital assets, fully backed by British pounds (GBP), and will be reversible under existing regulatory frameworks.
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The project will be built on the Midnight infrastructure. Thanks to Midnight’s privacy-focused blockchain technology, transaction data will only be accessible by authorized parties. This will both preserve the efficiency advantages offered by blockchain and ensure the privacy and compliance standards required by the regulated finance sector.
The initial goal is to tokenize approximately £250 million in deposits. This step is seen as the beginning of a broader roadmap. Going forward, the plan is to make financial instruments traditionally available only to institutional or wealthy individual investors, such as private equity, structured financial products, and more flexible lending models, accessible to a wider audience.
Midnight is known as one of the sidechains of the Cardano ecosystem.
*This is not investment advice.
Continue Reading: Cardano (ADA) Founder Charles Hoskinson: “We’ve Signed One of Our Biggest Deals to Date”
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