Charles Hoskinson’s $200 million bet: Midnight goes live to tackle crypto’s biggest flaws

Tech Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Charles Hoskinson’s $200 million bet: Midnight goes live to tackle crypto’s biggest flaws The Cardano founder argues crypto is too public, complex and risky for mainstream use and is backing a privacy-focused network to change that. By Olivier Acuna | Edited by Sheldon Reback Mar 30, 2026, 1:53 p.m. Make preferred on Charles Hoskinson says Midnight fixes the crypto flaws of the past and could spark mass adoption. (CoinDesk) What to know : Midnight, a privacy-focused blockchain within the Cardano ecosystem went live, aiming to make blockchain use simpler and safer by hiding sensitive data. Backed by $200 million from Cardano founder Charles Hoskinson, it is designed to address what he sees as crypto’s core design flaws. Charles Hoskinson, founder of the Cardano and Midnight blockchains, said crypto has spent more than a decade solving the wrong problems and failing to break into the real-world economy. “The question I’ve been asking for eight years is: why didn’t the revolution happen?” Hoskinson asked. His answer is Midnight, a project in which he invested roughly $200 million. The network went live on Monday, Midnight told CoinDesk. Midnight is a blockchain built within the Cardano ecosystem, designed to fix what Hoskinson described as crypto’s core design flaws by making it private, simple and safer to use. Rather than competing with networks like Bitcoin or Ethereum, it sits alongside them, allowing users and businesses to use crypto without exposing sensitive data or dealing with the technical complexity, Hoskinson said. The rollout will take place in phases, starting with infrastructure and expanding to applications and governance. Early uses include confidential financial products, identity systems and enterprise data workflows. For Hoskinson, the stakes go beyond another layer-1 release. “The last mile is simplicity, privacy and rules,” he said. Without those, blockchain will remain locked out of the real world. In practice, that means turning crypto into something that behaves more like modern apps. Users no longer need to manage private keys or risk losing access permanently, while transactions do not automatically expose balances or activity. In some cases, users may not even realize they are using blockchain. “You shouldn’t need to understand how crypto works to use it,” Hoskinson said. “You tap, authenticate, and it just works.” Cardano More For You The Definitive Stablecoin Landscape Series: North America By CoinDesk Research Mar 26, 2026 Commissioned by Ripple As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption. Why it matters : Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all. View Full Report More For You Aave rolls out v4 on Ethereum, aiming to expand DeFi into real-world credit markets By Margaux Nijkerk | Edited by Sheldon Reback 54 minutes ago The upgrade has been in development for about two years and is designed to make it easier to use Aave for a wider range of lending and borrowing activities. What to know : Aave debuted its v4 upgrade on Ethereum after two years of development, introducing a system that separates lending markets while sharing liquidity, aiming to expand DeFi into real-world assets and institutional use cases. The roll-out comes amid governance tensions within the Aave ecosystem over decentralization and revenue distribution, even as... Read full story Latest Crypto News Lido DAO proposes $20 million LDO buyback to boost price after 95% slide 27 minutes ago CoinDesk 20 performance update: Ethereum (ETH) price rises 4.2% over weekend 39 minutes ago Aave rolls out v4 on Ethereum, aiming to expand DeFi into real-world credit markets 54 minutes ago Rate hike bets are building for the Fed – and now the Bank of Japan too 1 hour ago Bitcoin rises as Trump says U.S. in talks with 'new regime' in Iran, threatens oil infrastructure if deal fails 2 hours ago Bitcoin, ether bounce is running low on fuel 2 hours ago Top Stories Ethereum Foundation stakes additional $42 million of ether 3 hours ago Polymarket trader exploits UFC blunder, turns $676 into $67,000 in under a minute 4 hours ago Midas raises $50 million to tackle pain point for tokenized asset investors 2 hours ago Bitcoin bullish bets hit a 28-month high on Bitfinex, and that's music to bears' ears 20 hours ago The Bitcoin market remains boring. Investors chasing yields may be partly to blame 7 hours ago Hyperliquid traders in Tokyo get 200-millisecond edge, Glassnode research shows 8 hours ago