Midnight Lands First UK Bank in £250M Deposit Deal

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Midnight Lands First UK Bank in £250M Deposit Deal

As a crypto investor, I’m really excited about Charles Hoskinson’s recent announcement regarding Monument Bank. He’s saying this partnership could be huge for Midnight, potentially bringing in anywhere from hundreds of millions to billions of dollars in Total Value Locked (TVL) to the network. That’s a massive boost and definitely something to keep an eye on!

Charles Hoskinson, the creator of Cardano, is very enthusiastic about a new partnership with Monument Bank. He believes this deal is the biggest one yet for Midnight, the platform behind Cardano, and could potentially bring hundreds of millions, or even billions, of dollars worth of assets to the network.

Charles Hoskinson announced on X that a recent agreement is the biggest the project has ever made, and could result in billions of dollars in Total Value Locked (TVL). He specifically thanked Fahmi Syed and the team at the Midnight Foundation for successfully completing the deal.

A UK Bank Goes On-Chain First

Monument is pioneering a new approach in UK banking by turning customer deposits into digital tokens on a public blockchain. These tokens will earn interest, but are still fully backed by traditional British Pounds and protected by existing financial regulations. This makes Monument the first UK-regulated bank to offer this type of service.

According to a post by @midnightfdn on X, the project begins with a goal of £250 million in tokenized deposits, but that’s only the first step. Future plans include offering access to investments like private equity and structured products, as well as more adaptable loan options – things that were previously available only to large institutions and wealthy individuals.

Privacy is fundamental to how this system operates. Transaction details on Midnight remain confidential, visible only to those with proper authorization. This design allows Monument to offer traditional banking services on the blockchain while still meeting the strict requirements of financial regulators.

Midnight Keeps Stacking Institutional Names

This news follows a pattern of Midnight adding significant partners before the launch of its main network. As we’ve previously reported, MoneyGram joined as a key network operator, extending payment access to over 200 countries. Google Cloud was also already on board, joining Midnight before the Kukolu mainnet launch.

Monument operates differently than typical partnerships. It’s a fully regulated bank directly connecting customer deposits to the blockchain – this isn’t a test or experiment. Real customer money is being tokenized and used live on a public blockchain.

Web 2.5 Is the Pitch

Hoskinson simply explained that Midnight is designed for “Web 2.5 ventures.” This suggests a specific focus: Midnight isn’t just for projects already built on blockchain. It aims to attract traditional financial companies that require a combination of privacy, regulatory compliance, and the ability to be customized with code.

The Monument deal perfectly demonstrates how traditional savings banks in the UK can use blockchain technology while still adhering to regulations and protecting customer privacy. As highlighted by @midnightfdn on X, it shows that bringing standard financial products onto the blockchain doesn’t require sacrificing either security or legal compliance.

Charles Hoskinson’s prediction for total value locked (TVL) is significant, even though it covers a broad range from hundreds of millions to billions of dollars. This wide range highlights the potential impact of tokenizing deposits at a regulated bank, especially if Monument expands its services to more users and asset types as planned.

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2026-03-26 20:23