In a landmark move for digital finance, Monument Bank has partnered with Midnight Protocol to launch a pioneering initiative that could reshape how retail banking operates in the United Kingdom. The collaboration will see Monument become the first UK-regulated bank to tokenize retail customer deposits on a public blockchain, marking a significant step towards bridging traditional finance with blockchain infrastructure.
Tokenized Savings Built on Privacy-First Infrastructure
The Midnight Foundation, the team behind Cardano-based privacy-focused blockchain Midnight, announced a strategic partnership with Monument Bank, an England-regulated institution managing up to £7 billion in deposits. The initiative, built on infrastructure developed by Midnight, is designed to give the bank’s affluent customers access to fully protected deposits mirrored on a blockchain.
According to Midnight, the rollout will occur in three distinct phases. The first phase targets bringing up to £250 million ($334.17 million) of client deposits onto the privacy network as digital tokens. Each token will serve solely as a digital representation of a traditional deposit, rather than as a separate or speculative asset.
Notably, these deposits will remain subject to existing regulatory protections and will be fully redeemable in pounds sterling. The second phase will focus on expanding access to new tokenized financial products, including real-world assets (RWAs).
Clients will be able to gain exposure to these asset classes without the need to buy, hold, or manage digital assets themselves, with all products seamlessly integrated and delivered through the Monument banking app. In the third and final phase, the platform will introduce lending capabilities, enabling customers to borrow against their investments held within the bank.
This development is expected to provide high-value clients with streamlined access to liquidity without requiring them to liquidate their positions, a service traditionally reserved for private banking clients. The partnership also leverages the platform’s privacy-enhancing blockchain technology, ensuring that sensitive transaction data remains shielded and accessible only to authorized participants, thereby aligning with strict compliance and data protection standards.
Cardano Founder Discloses Secret Solana Partnership With Midnight
Hoskinson Teases Midnight Mainnet Launch
It is worth noting that the strategic partnership comes shortly after Cardano founder Charles Hoskinson teased the Midnight mainnet launch in a cryptic post on X, tagged “Midnight launch week.” The development aligns with his earlier remarks in February 2026 during the Consensus Hong Kong 2026 event, where he indicated that the Midnight mainnet would go live in the final week of March 2026.
The recent teaser has sparked a wave of excitement across the crypto community. Further fueling sentiment, Hoskinson amplified a post from a Cardano stake pool operator (SPO), captioning it “Midnight Rises.” The SPO highlighted that Midnight is now ranked among the top 10 crypto networks globally by trading volume, recording over $1 billion in 24-hour trading volume.
Notably, the Midnight Protocol is a privacy-centric network designed to enable secure, compliant, and confidential data interactions on-chain. Interestingly, when commenting on the recent partnership, Monument founder Mintoo Bhandari stated that the bank is confident Midnight can provide the infrastructure needed to maintain the level of confidentiality essential to the future of highly efficient, scalable modern banking.
The CoinRemark Team
Evans Kelvin
