According to CoinEdition, Cardano founder Charles Hoskinson has criticized traditional banks for attempting to copy blockchain projects like XRP and Midnight, calling their efforts limited and lacking the ambition, openness, and scale of public blockchains. Hoskinson argues that legacy finance systems are operating far below the 100x scale already achieved by XRP and Web3 networks. He specifically referenced the Canton Network’s initiative to tokenize U.S. Treasury securities as a mere replication of what public blockchains already do. Hoskinson also highlighted that Midnight, a Cardano sidechain, is being developed with a focus on privacy, chain abstraction, and smart compliance, and could reshape how regulated and decentralized systems coexist in 2026.
Cardano Founder Criticizes Banks for Copying XRP and Midnight Without Ambition
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Summary
Cardano founder Charles Hoskinson has slammed banks for copying blockchain projects like XRP and Midnight, calling their efforts half-hearted and lacking in ambition. He argues that traditional finance is stuck far below the scale of public blockchains, pointing out that systems like XRP already operate at a 100x level. Hoskinson took aim at the Canton Network’s U.S. Treasury tokenization project, calling it a pale imitation of what Web3 does. He also highlighted that Midnight, a Cardano sidechain, is being built with privacy, compliance, and chain abstraction in mind. The project could change how regulated and decentralized systems interact by 2026.
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