Gate News message, April 25 — Charles Hoskinson, founder of Cardano, has launched Midnight, a privacy-focused blockchain project, with approximately $250 million in tokenized deposits from Monument Bank. The partnership represents a significant institutional collaboration aimed at integrating blockchain technology with regulated financial systems.
The framework enables compliance teams to define rules through programmable scripts, ensuring that asset interactions across chains remain aligned with regulatory requirements in the United Kingdom. This approach is designed to address barriers to institutional adoption of blockchain technology by providing a regulated pathway for tokenized deposits while maintaining compliance with existing laws. The development is expected to create opportunities for similar collaborations with financial entities in the United States and Europe.
Midnight’s rollout has been supported by partnerships with Google Cloud, MoneyGram, and Vodafone, strengthening the platform’s infrastructure and expanding its reach across multiple industries. The platform uses zero-knowledge proofs to enable users to validate transactions without exposing sensitive data, balancing privacy with accountability. The network operates on a dual-token model: Knight functions as a publicly tradable governance token, while Dust serves as a private, non-transferable utility token for transaction execution.
Midnight’s security model is built on Cardano’s existing validator infrastructure, where stake pool operators produce blocks for both networks. The project achieved early adoption milestones through a token distribution campaign involving nearly one million participants across multiple blockchain ecosystems, with tokens subsequently listed on major trading platforms.
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