Midnight
Category: AI Infrastructure
A fourth-generation privacy-focused blockchain (partner chain to Cardano) using zero-knowledge proofs to enable selective disclosure, designed for AI agent transactions, institutional finance, and regulated real-world asset tokenization. Midnight was founded in 2022. The company is led by Eran Barak. Based in Global (US-headquartered, developed by Input Output Global). Team size: 11-50. Total funding raised: $200M. Latest round: Undisclosed. Key investors include Charles Hoskinson (personal investment of ~$200M), Input Output Global (IOG) incubation.
- Founded
- 2022
- Headquarters
- Global (US-headquartered, developed by Input Output Global)
- Team size
- 11-50
- Total funding
- $200M
Value proposition
Midnight provides "rational privacy" — programmable selective disclosure via zero-knowledge proofs, enabling regulated institutions and AI agents to transact on-chain without exposing sensitive data. It uses a dual-state ledger (public + private), a developer-friendly Compact programming language, and a dual-token economy (NIGHT + DUST) for predictable transaction costs.
Products and solutions
Midnight Network (4th-gen privacy blockchain), Compact smart contract language, Dual-state ledger (public + private states), NIGHT token (utility/governance), DUST resource (transaction fuel), Glacier Drop (multi-chain token distribution), Midnight Developer Hub & SDKs
Unique value
First blockchain to solve the "privacy trilemma" by combining programmable privacy, regulatory compliance, and selective disclosure in a single layer-1 protocol purpose-built for institutional finance and AI agent economies.
Target customer
Financial institutions (banks, asset managers), regulated enterprises, AI agent platforms, DeFi protocols, RWA tokenization platforms, and developers building privacy-preserving dApps
Industries served
Institutional Finance, Real-World Asset (RWA) Tokenization, AI Agent Infrastructure, Decentralized Finance (DeFi), Digital Identity, Regulated Payments, Tokenized Deposits
Technology advantage
Zero-knowledge proof (ZK) cryptography with selective disclosure; dual-state ledger architecture (public + private); Compact programming language (no specialized ZK expertise needed); dual-component tokenomics (NIGHT/DUST) for cost predictability; cooperative multi-chain design (not competitive); federated node bootstrapping with enterprise validators
How they differentiate
Unlike full-anonymity chains (Monero, Zcash) or fully transparent chains (Ethereum, Solana), Midnight offers programmable selective disclosure — users prove only what's necessary. Unlike Aleo and Aztec which focus on ZK privacy for general dApps, Midnight is purpose-built for regulated institutional use with compliance built in at the protocol level. Its deep integration with Cardano's ecosystem and $200M personal backing from Charles Hoskinson provides unique capital and ecosystem advantages.
Main competitors
Aleo (ZK-privacy L1), Aztec (ZK-rollup privacy), Oasis Network (confidential compute), Secret Network (privacy-first smart contracts)
Key partnerships
Google Cloud (validator node + confidential computing), Monument Bank (£250M retail deposit tokenization), MoneyGram (founding federated node operator), Pairpoint by Vodafone (founding node operator), eToro (founding node operator), BuySellStandard (Korean STO/RWA tokenization), Linux Foundation Decentralized Trust (premier member), LayerZero (cross-chain integration)
Notable customers
Monument Bank (UK, £7B in deposits — first bank to tokenize retail deposits on Midnight), BuySellStandard (Korean STO platform)
Major milestones
Late 2022: Midnight unveiled by Charles Hoskinson, March 2023: Eran Barak appointed CEO, October 2023: Devnet sandbox launch, May 2025: Midnight Foundation launched with Fahmi Syed as President, June 2025: Glacier Drop snapshot (multi-chain airdrop to 37M wallets), August 2025: Shielded Technologies joins Linux Foundation Decentralized Trust, October 2025: Google Cloud partnership announced, December 2025: NIGHT token generation event, March 17-31, 2026: Mainnet launch with federated node operators (Google Cloud, MoneyGram, Vodafone, eToro), March 2026: Monument Bank £250M deposit tokenization announced
Growth metrics
4.5B NIGHT tokens claimed; 4,000+ smart contracts deployed; 170K wallets in Glacier Drop phase 1; 100+ ecosystem partners; $560M+ market cap (NIGHT token); #76 on CoinMarketCap
Market positioning
Midnight positions itself as the "4th generation blockchain" bridging the gap between public transparency and institutional privacy requirements. It targets the $100T+ addressable market of real-world asset tokenization and regulated finance, competing with both legacy blockchain privacy solutions and traditional financial infrastructure.
Geographic focus
Global with strong focus on UK/Europe (Monument Bank partnership), South Korea (BuySellStandard partnership for STO/RWA), and US institutional markets
Patents and IP
Compact smart contract language (open-source, contributed to LF Decentralized Trust); Minokawa project (ZK proofs framework); Dual-state ledger architecture; Dual-component tokenomics (NIGHT/DUST)
About Eran Barak
Ex-COO at Symphony (financial services workflow platform); senior leadership roles at Breem Group, FINOS, Symphony Software Foundation; Executive MBA in Marketing & Finance from Northwestern University - Kellogg
Official website: https://midnight.network