On August 13, 2019, at the Blockchain Futurist Conference in Toronto, Monarch, a decentralized wallet and suite of crypto services, announced the launch of the world's first decentralized recurring cryptocurrency payment system. This patent-pending smart contract solution enables merchants and users to automate daily, weekly, monthly, or yearly crypto payments without relying on centralized intermediaries.
Until now, automatic recurring payments in crypto were impractical due to blockchain transaction limitations. Monarch's permission-based smart contract solves this by paying a fixed amount of cryptocurrency to a designated wallet address on a recurring basis. Merchants can sign up at monarchpay.com to accept recurring payments, while consumers set up smart contract-enabled wallets to send payments to selected merchants. The system is Ethereum-based, currently supporting ETH, ERC20 stablecoins like TUSD and DAI to mitigate volatility, and will soon support any ERC20 token.
Custom Payment Plans and Business Applications
Beyond standard subscriptions, businesses can create customized product and service payment plans, such as 3, 6, 9, or 12-month installment plans for high-ticket items. Robert Beadles, President of Monarch, stated: “We believe in the free market and giving people more control over their financial lives. To commemorate this first-of-its-kind launch, we are honoring Ross Ulbricht, without whom Bitcoin and crypto wouldn't be what they are today.” Users can donate to the Free Ross Fund at freeross.org/donate via MonarchPay's recurring payments for less than the cost of a latte.
Previously, Coinbase and PumaPay offered the first crypto subscriptions, but both were centralized, meaning users could not hold their own private keys and seeds, exposing personal data. Monarch's smart contract is fully decentralized — an industry first — allowing users to make recurring payments while maintaining custody of their private keys and seeds.
How It Works and Integration
Merchants can accept recurring payments without a formal partnership with Monarch. Consumers currently need a desktop computer and MetaMask wallet to use the feature. Monarch plans to integrate it into the Monarch Wallet and Badger wallet within the next few months. Beadles emphasized: “We want to make this as accessible as possible without changing what people are used to.”
Monarch Wallet supports over 3,000 cryptocurrencies across iOS, Android, desktop, and Mac OS. Since its launch in 2018, Monarch has served more than 300,000 users, providing a one-stop shop for buying, selling, trading, and managing digital assets. The company recently concluded a Token Generation Event, raising over $2 million to fund further development of Monarch Wallet, MonarchPay, and other blockchain services.
Partners and Advisory Team
Monarch has partnered with Ambisafe to develop an Alternative Trading System (ATS) pending FINRA and SEC approval, which will feature a pre-IPO token for SpaceX. Earlier in 2019, Monarch partnered with Celsius to allow wallet users to earn up to 8.1% APR on select crypto holdings. The advisory board includes Roger Ver (Bitcoin Foundation Founder and Bitcoin.com Executive Chairman), 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). Monarch has acquired a broker-dealer license and is awaiting SEC and FINRA approval.
Monarch offers mobile and desktop apps, a decentralized wallet and exchange, portfolio tracker, and universal KYC integration. Qualified users can buy crypto via bank or credit card, earn up to 8.1% APR interest, and switch between hot and cold wallets — all while retaining their own private keys and seeds.