Midnight

Test

Pride

Bank

<h2 id="tldr">TLDR</h2>
<ul>
 <li>Midnight introduced institutional signature compatibility through its November 6 Ledger 9 upgrade.</li>
 <li>Monument Bank previously announced plans to tokenize up to £250 million in retail deposits.</li>
 <li>Monument’s founder identified custody-related challenges and projected a November 2026 launch.</li>
 <li>Midnight supports privacy-preserving transactions through zero-knowledge cryptographic technology.</li>
 <li>Midnight’s roadmap schedules additional tokenization infrastructure and disclosure capabilities through early 2027.</li>
</ul>
<p>Midnight has upgraded its blockchain’s custody capabilities as Monument Bank approaches its targeted November tokenized-deposit rollout. The network’s<a href="https://midnight.network/blog/ledger-9-upgrade-on-mainnet" rel="noopener noreferrer nofollow"> November 6 Ledger 9 release</a> adds institutional signature compatibility and cross-contract functionality. However, Monument has not confirmed that customers can access its planned service.</p>
<p><a href="https://blockonomi.com/archer-aviation-achr-stock-rises-5-on-expanded-midnight-evtol-demonstration-tour/" rel="noopener noreferrer nofollow">Midnight</a> said Ledger 9 accepts ECDSA signatures, used widely by institutional custodians. The upgrade also supports BIP-44 wallet derivation and coordinated operations across smart contracts. These changes expand potential integration options for regulated institutions. Midnight did not identify Monument as a participating bank in the upgrade announcement.</p>
<h2 id="monument-s-deposit-plan-remains-unlaunched">Monument’s Deposit Plan Remains Unlaunched</h2>
<p>Monument and the Midnight Foundation announced their partnership on March 25.<a href="https://blockonomi.com/monument-bank-and-midnight-foundation-launch-uks-first-retail-deposit-tokenization-program/" rel="noopener noreferrer nofollow"> Blockonomi covered the initial plan</a>, targeting up to £250 million in tokenized retail deposits. Each digital token would represent a corresponding pound-denominated bank deposit, rather than an independent cryptocurrency.</p>
<p>Monument said those balances would continue earning interest and remain redeemable in sterling. Customers would not need to purchase or manage digital assets themselves. The bank plans to deliver the service through its existing regulated offering.</p>
<p>Eligible UK deposits receive<a href="https://protected.fscs.org.uk/what-we-cover/banks-building-societies-credit-unions/deposit-limit/" rel="noopener noreferrer nofollow"> FSCS protection</a> up to £120,000 per person, per authorized firm. That protection concerns qualifying deposits, not unlimited token holdings or investment returns.</p>
<h2 id="custody-obstacles-put-november-target-in-focus">Custody Obstacles Put November Target in Focus</h2>
<p>In September, Monument founder Mintoo Bhandari<a href="https://www.coindesk.com/business/2026/09/10/monument-bank-delays-retail-tokenized-deposits-cites-regulatory-issues-in-the-uk" rel="noopener noreferrer nofollow"> told CoinDesk</a> the rollout had fallen behind schedule. He cited difficulties identifying a custodian meeting regulatory and privacy-technology requirements. Bhandari said Monument had identified a Canadian custody provider and anticipated a November launch.</p>
<p>The bank did not announce a specific launch date in that interview. Its custodian remained unnamed, and no completed customer rollout emerged from the official sources reviewed.</p>
<p>Ledger 9 broadens custodian compatibility, but Monument has not linked it to the bank’s implementation timetable.</p>
<h2 id="privacy-features-face-a-practical-banking-test">Privacy Features Face a Practical Banking Test</h2>
<p>Midnight uses zero-knowledge proofs to verify transactions without exposing all underlying data. Monument said its planned configuration would shield customer transaction information from public view.</p>
<p>Midnight opened permissionless smart-contract deployment on September 28. Its October<a href="https://midnight.network/roadmap" rel="noopener noreferrer nofollow"> roadmap</a> then listed shielded token contracts and tokenized-deposit templates among fourth-quarter targets.</p>
<p>The roadmap schedules additional disclosure features, including regulator viewing keys, for early 2027. Those development goals should not be mistaken for deployed banking features.</p>
<p>A Stake with Pride social post describes private sovereign zones. However, the reviewed primary sources do not verify that terminology as Monument’s product architecture.</p>
<div class="embed-x">
 <blockquote class="twitter-tweet">
  <p>Midnight has private sovereign permissionless zones.</p>
  <p>This provides institution-grade selective disclosure to builders, individuals, and banks.</p>
  <p>Monument Bank will tokenize bank deposits on Midnight sovereign zones. midnight-3:native <a href="https://t.co/sD5BvX2gaD" rel="noopener noreferrer nofollow">pic.twitter.com/sD5BvX2gaD</a></p>
  <p>— Stake with Pride <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f308.png" alt="🌈" style="height: 1em; max-height: 1em;"> Midnight + Cardano (@StakeWithPride) <a href="https://x.com/StakeWithPride/status/2120531675843342716?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 11, 2026</a></p>
 </blockquote>
</div>
<p>The proposed deposit tokens are distinct from NIGHT, Midnight’s network utility token. No verified announcement establishes that Monument’s project changes <a href="https://blockonomi.com/coinbase-introduces-fixed-rate-bitcoin-collateral-loans-via-morpho-midnight-integration/" rel="noopener noreferrer nofollow">NIGHT</a> demand or pricing. Monument separately envisions tokenized investments and asset-backed lending through its app.</p>
<p>The post <a href="https://blockonomi.com/midnight-upgrade-expands-options-for-institutional-custodians/" rel="noopener noreferrer nofollow">Midnight Upgrade Expands Options for Institutional Custodians</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.</p>

Midnight Upgrade Expands Options for Institutional Custodians

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