Cryptocurrencies are gaining more and more popularity nowadays. Part of that is because of the soaring prices of some of those coins. A common example of this is the skyrocketing growth of Bitcoin over the years. The cryptocurrency’s value started at $0.0008 when it was launched in 2010 and reached an all time high of $64,863.10 in May, 2021.
However, Bitcoin and Ethereum aren’t the only cryptocurrencies on the market. There are at least 6,500 cryptocurrencies available at present, with more being developed every day that might just overtake Bitcoin as the greatest cryptocurrency. Monarch is one such cryptocurrency that has been making rounds lately. Let’s dive deep into it.
How Did Monarch Come Into Existence?
2017 was a tremendous year for the cryptocurrency market where many projects received funding, the market gained numerous followers and innovators, and innovation was pushed to the limit. In any case, even though blockchain technology gained a lot of attraction, interfaces are still complex and not intuitive. Moreover, entry into the market is still difficult for people who do not have a technical background. Along with it, the usability of most digital currencies is still restricted. All in all, cryptocurrency is still a long way from mass adoption.
At present, there isn’t a single software that enables consumers to use all of their preferred cryptocurrencies and apps in one place. This barrier makes it challenging for users to be systematic, as a lot of applications and programs are required to access all of their data.
Next is the complex process of purchasing, trading, and cashing out digital assets into fiat currency. The practice of trading and investing in digital currencies still needs a certain level of technical expertise. The crypto market is associated with many risks in terms of the management of private keys and seeds, which criminals can easily steal and commit fraud. Besides, the numerous KYC processes and steps required by platforms put forth even more challenges. Additionally, there is also a likelihood of financial loss if cryptocurrency assets lose their value or the market becomes volatile.
Monarch is one such cryptocurrency wallet that aims to address all these barriers. The team at Monarch consists of some of the highly qualified and brightest minds in the cryptocurrency realm. The team understands the problems faced by users and has the appropriate answers to solve them.
What Is Monarch?
Monarch is a platform that allows members to include their legal KYC and banking documents with it to buy crypto assets. Moreover, it also lets users easily comply with KYC procedures for several companies that collaborate with Monarch. The wallet also consists of a Central Hub with proprietary resources that users can access at all times. Monarch is a centralized database that enables users to opt for services they are eligible for.
The team of developers and engineers aims to develop a password-generation application that will store users’ private keys and passwords in an automated way for their crypto and non-crypto services. Additionally, they intend to include a recurring payments tool that will give users the ability to manage, start, and stop all subscriptions to platforms, including Prime Video, Netflix, car payments, real estate companies, and utility bills. Monarch also has a mobile application on which users can access these features. They will also add this patent-pending feature soon into any service provider or software tool.
At present, Monarch provides a beneficial and free global cryptocurrency wallet application that allows cold storage of BCH, BTC, ETC, TUCD, XML, ERC20, and XLR tokens. Users can also trade the majority of ERC20 tokens with the decentralized ERC20 platform in the app. Monarch also boasts a portfolio tracker that helps members stay updated on their digital assets’ latest news and status. Eligible members in supported areas can also purchase or sell Ethereum and BCH in the application. Lately, the company has also bought a broker-dealer license and collaborated with a platform to introduce security token offerings for eligible people and financial institutions.
Features Of Monarch
Cryptocurrency problems are a relic of the past. With the Monarch cryptocurrency wallet, eligible users will be able to store passwords, access all advanced features, use cold storage wallets, handle 2FA codes, secure private keys, access cryptocurrency balances, and process conventional fiat payments. The Monarch wallet also enables users to access its service providers’ platforms.
The team at Monarch aims to connect to third-party exchanges, including Coinbase, Binance, and Bittrex. This would allow users to trade cryptocurrencies across all exchanges on a single platform with an easy-to-understand application. Besides, Monarch intends to partner with exchanges to find the best purchase and sell price among other exchange options.
Given below are some of the features that Monarch holds.
- Identity Management: With this feature, users can use only one password for all services. The platform will provide a new password for each new service, but the user will only be required to remember one password to gain access to the application. Users can also interact with all services they choose, including their mortgage lender, Prime Video, Netflix, and more. All passwords saved on the Monarch platform can be retrieved both on-chain and off-chain by users.
- Password Vault: This feature stores passwords locally and securely.
- Universal Crypto Wallet: Users can store, send, and receive the cryptocurrencies they’ve subscribed to in one easy-to-use, decentralized, and safe application that supports multiple devices.
- Fiat Gateway: Monarch allows users to easily purchase and sell Bitcoin and Ether within the application with support for more tokens in the future.
- ERC-20 DEX: Users can trade the majority of ERC20 tokens in the application while holding ownership through the Decentralized ERC Exchange.
- Easy User Engagement: This feature easily cancels a subscription payment (i.e., cancel the Amazon subscription).
- Index Funds: The platform allows users to participate in different index crypto funds easily.
- Portfolio Management: The Monarch platform makes it possible for users to track their portfolio, irrespective of its presence on the Monarch Cold and Hot Wallet or 3rd.
- Crowdfunding: The platform provides access to its partnered crowdfunding service providers.
- Decentralized Chat and Video: This feature allows users to access decentralized chat, audio, and video functionality through the company’s platforms.
- Merchant Payment Solution: Merchants can accept cryptocurrency in-person, through an invoice, or online.
- Merchant Plug-in: This service gives businesses, entrepreneurs, individuals, merchants, and nonprofits the ability to accept cryptocurrency and get paid in USD/fiat.
- Crypto Loans: Monarch allows users to take a fiat loan using their crypto as collateral.
- Low Seller Fees: The platform charges users 2% on received payments. If they use MT, they can cut these fees up to 50%.
- Decentralized Finance (DeFi): The Monarch wallet provides access to all decentralized finance solutions in one platform.
- Security Token Platform: Eligible members and financial institutions can buy and sell securities.
- NFT: The Monarch wallet provides support and expansion to non-fungible tokens (NFTs).
- File Storage: Access to all partnered file storage service providers is provided through the platform.
- One KYC Process for All Services: Users are required to submit KYC information only once. Next, they could choose what services they want to apply for and utilize the dashboard to access various platforms.
- UI for Finances: the UI keeps a valid track of finances and evaluates purchasing and spending behaviors. As a result, users can easily create budgets, keep track of their bills, receive notifications, and track their investments all in one place.
- Tax Reconcile Forms: Accounting could be easily tracked with immutable ledgers. This is why Monarch intends to develop exportable reports to streamline the process of documenting taxes and undertaking audits in real-time.
Dividend Structure Of Monarch
Approximately 15% of the overall gross revenue will be circulated equally to all Monarch Security Token (MTS) Holders every week. Charges will be used to purchase back the Monarch Utility Tokens (MT) and will be circulated amongst MTS Holders.
The cryptocurrency platform leverages a two-token structure: The Monarch Security Token (MTS) and the Monarch Utility Token (MT). The MST allows holders to profit from the circulation of dividends. The MT is leveraged as an exchange medium to streamline fee structures and payment remediation.
Monarch Tokens And Promo Tokens
Total Supply 500 Million Tokens [250 M Utility Tokens (MT) + 250 M Security Tokens (MTS)]
Target Sale Amount: ~31.2 Mil MTS & ~25 Mil MT
Total Raise Hard Cap: 56.25 Mil
Standard Price/Token – MTS = $0.125/Token, MT = $0.10/Token
The overall Monarch token sale supply is fixed at 500 million tokens. Users can easily leverage a wide range of Monarch platform and wallet services by simply downloading the application. To push user engagement, Monarch Promo Tokens were issued, driving the growth of the cryptocurrency platform. Users could earn these tokens by simply raising awareness or using the crypto wallet. The tokens were swapped for a 1:1 ratio for MT.
Of these tokens, 50% were used for the growth and development of the platform and company. Moreover, 5% was given to advisors, 18% stayed with the core team, and 27% was distributed to support the ongoing development of the Monarch platform.
Monarch wallet is a breakthrough blockchain platform that allows members to “Be Their Own Monarch,” thereby providing a simplified and feasible bridge between existing service providers and Monarch’s high-quality platform. It’s an all-in-one software that brings valuable functionality to blockchain and digital currencies for real-world applications.
Although the Monarch cryptocurrency wallet is still in its nascent stages, it is constantly gaining traction with the integration of new features and collaborations. This crypto wallet allows users to hold their private keys, buy and sell coins, read news related to cryptocurrency, and do in-app swaps. Other than its broad range of features, it also allows users to directly connect to the Celsius platform to earn returns on the digital currency they own.
With an easy-to-use interface, users can access all of the company’s partnered service providers from one place. Moreover, they also have access to all of their preferred blockchain and financial services, file storage, etc.
Laura has been interested in finance for a very long time, especially since her graduation in Economics. With the increasing popularity of cryptocurrency, she decides to read up more on the subject and soon became an expert. Laura has been dabbling with crypto ever since and started investing in them in 2017.