On August 13, 2019, at the Blockchain Futurist Conference in Toronto, Monarch, the decentralized wallet and suite of cryptocurrency services, announced the launch of MonarchPay, the world's first fully decentralized recurring crypto payments system. Built on Ethereum-based smart contracts, this solution allows merchants to automatically collect crypto payments on daily, weekly, monthly, yearly, or other custom schedules, while consumers can set up recurring payments to onboarded merchants without sacrificing control of their private keys.
Solving a Long-Standing Blockchain Limitation
Before MonarchPay, automated recurring crypto payments were nearly impossible due to the inherent limitations of blockchain transactions. Monarch developed a patent-pending permission-based smart contract that pays a fixed amount of cryptocurrency from one wallet address to another on a recurring basis. This innovation not only supports traditional subscription models but also enables merchants to create flexible payment plans—such as 3, 6, 9, or 12-month installment plans for higher-ticket items. After initial setup, businesses can offer custom contracts to customers in just minutes, integrating seamlessly with desktop wallets like MetaMask.
Fully Decentralized, User-Controlled Security
While Coinbase and PumaPay previously made headlines with crypto subscription services, both solutions were centralized, meaning users did not hold their own private keys or seed phrases, leaving personal data vulnerable. MonarchPay is the first industry solution to achieve true decentralization for recurring payments. Users maintain full custody of their private keys and seed, ensuring that no third party can access their funds. The system currently supports Ethereum, TUSD, DAI (ERC20 stablecoins to limit volatility), and will soon support any ERC20 token.
Real-World Applications and a Charitable Cause
Monarch President Robert Beadles highlighted the platform's commitment to free-market principles and financial freedom. To commemorate the launch, Monarch encouraged users to support the Free Ross Fund (freeross.org/donate) on behalf of Ross Ulbricht, a figure widely recognized in the crypto community. “For less than the cost of a latte, people can now use MonarchPay’s recurring payments to aid Ross’s fight for his life,” Beadles said. This example demonstrates the potential of MonarchPay for recurring donations and subscription-based charitable giving.
Monarch Ecosystem and Expanding Partnerships
Monarch Wallet, launched in 2018, supports more than 3,000 cryptocurrencies across iOS, Android, desktop, and macOS platforms, serving over 300,000 users. The company recently completed a Token Generation Event (TGE), raising over $2 million to fund further development of MonarchPay and other blockchain services. Monarch has also entered a partnership with Ambisafe to release an Alternative Trading System (ATS), pending FINRA and SEC approval, which will include a pre-IPO token for SpaceX. Additionally, a partnership with Celsius allows wallet users to earn up to 8.1% APR on select cryptocurrency holdings.
Advisory Board and Regulatory Progress
Monarch is advised by prominent industry figures including Roger Ver, founder of the Bitcoin Foundation and Executive Chairman of Bitcoin.com; Eric Ly, co-founder of LinkedIn; David Zimbeck, lead developer at BitBay and creator of the first smart contracts; and Damon Nam, founder of CoinVest. The company has already obtained a broker-dealer license and is awaiting final SEC and FINRA approvals. With its decentralized approach and robust ecosystem, MonarchPay aims to bridge the gap between crypto and mainstream subscription services, making it easy for any merchant or consumer to integrate crypto into everyday life.