Monarch: Pay Your Bills, Netflix and Spotify With Crypto!

It is no secret that when it comes to entering the cryptocurrency space, there are multitudes of barriers to entry. Moreover, as much as blockchain technology seems to be the future, it is apparent that the process of selling and buying crypto is still difficult for a number of people. For non-technical people, investing and trading is a nightmare. One does not know where to invest, how to invest, when to hodl and when to let go in order to reap benefits. Even for people who have the knowledge, their private keys and seeds are at the risk of being stolen. Moreover, Know Your Customer processes (KYC) are a hassle even though some ICO’s truly need them. Lastly, even if you know the market, there is a huge potential of loss due to the volatility of the crypto market. At this early stage of cryptocurrencies, it is normal to have these issues. It is also a good thing that some companies are willing to solve these issues. An exemplary company that is taking the initiative of addressing these limitations is Monarch.

So what is Monarch?

“Monarch is an all in one consumer, merchant and investor platform. This means that the platform caters for consumers, investors, and merchants.” Sneh Bhatt, CEO of Monarch at the Blockchain Economic Forum. San Francisco during an exclusive interview with Decentral Magazine

On this platform, users add their bank account onto Monarch and this lets them buy cryptocurrencies from Monarch itself. The crypto bought or sold on this platform can be transferred back into users bank accounts as Fiat currency. Moreover, the platform also connects customers and merchants.

On Monarch, users can store passwords, manage 2FA codes, cold storage wallet, cryptocurrency balance, private keys and allow for traditional fiat payment all on one platform. The company also wants to connect with third-party exchange such as Binance so as to enable crypto trade from one platform to another seamlessly. This will also help them decide which third-party platform has the best buy/sell price at that moment.

So, why would Monarch be the next dApp to use?

Well, Monarch allows you to pay and manage all your different subscriptions at one click. This means your Netflix, Spotify, personal bills, cell phone bills, in fact, all the subscriptions you can think of. Thus, you can add a subscription, modify it or stop it all on one platform.

That’s not all, Monarch also offers the following features:

  • Identity Management: Users have a one-time password for the services. Only one password will be used to access the platform but for each service used, there will always be a new password. If the user needs the passwords, they can access them on or off-chain.
  • Recurring payments: Users can set recurring payments in regards to peer-to-peer, consumer-to-business and business-to-business. An example is setting the platform to pay $10 to Netflix each month.
  • A secure wallet: Users will be able to store both crypto and fiat currency in their hot wallet. The hot wallet will be used for subscription payments. They will also have a cold wallet to store funds and this will also hold their private key.
  • Exchange transactions: Users will be able to buy, purchase and store crypto at the best rates in the market.
  • Billing adjustments: This allows for the modification of bill payments.
  • Low Seller Fees: Monarch will only be charging merchants 2% on their received payments. They are planning to decrease this cost when the network increases so as to remain competitive.

Moreover, the platform is easy to use and has a beautiful design as Bhatt informed us that:

“What we have on the app store is a beautiful UI and UX improved wallet so think meow meow wallet…Right now we support all ERC20 tokens and we have seven nodes all based throughout the entire world.”

It really took them time to get on the app store due to the approval policy and the fact that they are a financial app, made it worse. However, the good news is that the application is ready and available for free on iOS and Windows. Android users don’t despair, you’ll get your chance later this month.

Hot vs. Cold Wallets? What is the point of having both?

Hot wallets are for everyday use thus they hold small amounts of tokens; similar to a credit account. The hot wallet is the one that gets linked to 3rd party exchanges and Monarch exchange. Since they are for everyday use, they are able to pay the subscription payments and offer peer-to-peer transactions for free. Using this wallet, the receiver can receive Monarch Security Token dividends. Cold wallets, however, are for long-term storage of cryptocurrencies; similar to a savings account. In this case, the cold wallets hold large amounts of tokens. They enable offline storage of different cryptocurrencies such as NEO, NEP-5, BTC, ETH and ERC20 tokens. There is no fee for depositing and withdrawing on this wallet.

Any competitors to this amazing service?

“I don’t think so. Companies raise 20-30 million dollars to do what we are doing for free. I mean our “wallet is free” and everything is all on one place to manage all cryptocurrencies. We give you a central and secure wallet.” Sneh Bhatt

Monarch seems to be owning this space. Moreover, 95% business is built on WordPress and yet there are no good avenues to accept crypto. So, Monarchy is able to cater to small businesses.

What is the financial structure?

In regards to finances, Monarch has silver backing, a dividend structure, and liquidity pool.

In silver backing, 10% of the funds raised from the initial Token Generation will be used to purchase silver assets. This is meant to hedge against the volatility trait of cryptocurrencies as silver is a tangible and valuable wallet. 10% of every merchant’s transaction fee on the hot wallet will be used for silver assets too.

For the dividend structure, 50% of the merchant’s transaction fees on the hot wallet will be distributed proportionally to Monarch Security Holder tokens holders. This will happen once a week.

Lastly, in the liquidity pool, Monarch is willing to allocate 50% of the $105,000,000 token sale to an account that is bearing interest. This account will be used as liquidity to help buy and sell crypto for users.

These options offered by Monarch protect all users against volatility and will help them in regards to buying and selling cryptocurrencies. If this is not the best option for you, then I don’t know what is.

It’s the best option, but how is the ICO going?

Currently, there is a private sale live, but this is only for accredited investors. The utility token sale is on July 15th so watch the space for this. Any Security Token holder gets airdropped one utility token.

What should we look forward to in the future?

Interesting fact: The Monarch team uses titles of rank in a monarchy for their roadmap.

Peasant (Q2 of 2018): An MVP for the cold wallet (BTC and ERC20 tokens), portfolio tracker, Cryptocurrency news, market data and silver backing for security tokens.

Squire (Q4 of 2018): Addition of more tokens (NEP-5 and others), Exchange API integration for portfolio tracking, hot wallet with recurring payments, sending payments via usernames and not addresses and free instant peer-to-peer transactions.

Knight (Q1 of 2019): The exchange with monarch token pairings and integration with other 3rd party exchanges and fiat support.

Duke & Duchess (Q2 of 2019): A merchant plug-in with content management system plugin solution and WordPress plus wix support. They will also work on customer logistics with customer feedback reports, analytics and customer subscription tier and info management. Lastly, a release of the dividends system; they will implement the 50% merchant plugin distribution and the 10% silver asset backing.

King and Queen (Q4 of 2019): An automatic tax form generator that will help generate 1099, W-2, 8849 and 8949 forms will be released. There will also be a password management and MAIN NET PROPRIETARY LAUNCH!

Surely every potential user of the platform cannot wait for the end of 2019. I mean, who would not want to pay for their Netflix, Spotify, and bills with one tap of a finger? Perfect time to really Netflix and chill.

This interview was conducted between Decentral Magazine and Sneh Bhatt, CEO of Monarch at the Blockchain Economic Forum, San Francisco. It took place from 16th-20th June with over 2000 investors, founders, scientists, political leaders and media in the Blockchain economy.



Nini Rose Moru

I only love my bed and blockchain, I'm sorry.

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