Overview
- Monument Bank, which announced the plan Wednesday, will mirror up to £250 million of savings for mass‑affluent clients on the Midnight public blockchain.
- Balances will stay interest bearing, fully backed, redeemable one for one in pounds, and covered by the Financial Services Compensation Scheme.
- Midnight Foundation’s network, built by a Cardano‑linked firm, limits transaction views to the bank and its customers to meet confidentiality rules.
- Monument outlines phase two for tokenized investment funds and phase three for lending against those holdings, with its tech unit aiming to offer the model to other banks through Banking as a Service.
- After Thursday’s reaction from Cardano founder Charles Hoskinson, who said the tie‑up could attract hundreds of millions to billions in total value locked, the rollout remains at the implementation stage.