TLDR
- Midnight introduced institutional signature compatibility through its November 6 Ledger 9 upgrade.
- Monument Bank previously announced plans to tokenize up to £250 million in retail deposits.
- Monument’s founder identified custody-related challenges and projected a November 2026 launch.
- Midnight supports privacy-preserving transactions through zero-knowledge cryptographic technology.
- Midnight’s roadmap schedules additional tokenization infrastructure and disclosure capabilities through early 2027.
Midnight has upgraded its blockchain’s custody capabilities as Monument Bank approaches its targeted November tokenized-deposit rollout. The network’s November 6 Ledger 9 release adds institutional signature compatibility and cross-contract functionality. However, Monument has not confirmed that customers can access its planned service.
Midnight 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.
Monument’s Deposit Plan Remains Unlaunched
Monument and the Midnight Foundation announced their partnership on March 25. Blockonomi covered the initial plan, 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.
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.
Eligible UK deposits receive FSCS protection up to £120,000 per person, per authorized firm. That protection concerns qualifying deposits, not unlimited token holdings or investment returns.
Custody Obstacles Put November Target in Focus
In September, Monument founder Mintoo Bhandari told CoinDesk 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.
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.
Ledger 9 broadens custodian compatibility, but Monument has not linked it to the bank’s implementation timetable.
Privacy Features Face a Practical Banking Test
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.
Midnight opened permissionless smart-contract deployment on September 28. Its October roadmap then listed shielded token contracts and tokenized-deposit templates among fourth-quarter targets.
The roadmap schedules additional disclosure features, including regulator viewing keys, for early 2027. Those development goals should not be mistaken for deployed banking features.
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.
The proposed deposit tokens are distinct from NIGHT, Midnight’s network utility token. No verified announcement establishes that Monument’s project changes NIGHT demand or pricing. Monument separately envisions tokenized investments and asset-backed lending through its app.
