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Crypto wallet and exchange Monarch raises over $2M in token generation event

Tue, 02 Jul 2019, 10:45 am UTC

Monarch, a decentralized wallet and exchange platform supporting over 1900 cryptocurrencies, has raised more than $2 million in its token generation event which concluded on June 30, 2019.

In its press release, the company said that the amount raised will be used to fund the development of the Monarch Wallet, MonarchPay, and a suite of blockchain services.

Founded in 2018, Monarch makes cryptocurrency accessible for users, merchants, and partners by offering top blockchain services under a single login and KYC process. The platform, with over 270,000 users, has acquired a broker-dealer license and is awaiting SEC and FINRA approval.

“We launched Monarch as a community-driven project, and support for our token generation event demonstrates we are meeting the needs of cryptocurrency users,” said Robert Beadles, President of Monarch. “We’re grateful for the Monarch community’s support, and look forward to being the one blockchain application to access all the best blockchain services and companies from one app, the Monarch Wallet.”

At the time of the launch of token generation event, Monarch just had a simple wallet supporting Bitcoin and ERC20 tokens on an iOS app. Since then, it has added support for 1900+ cryptocurrencies including Bitcoin, Ethereum, Ripple, Stellar, all ERC20 and SLP tokens.

Monarch has launched mobile apps on iOS and Android, desktop apps, a decentralized wallet with an integrated ERC20 decentralized exchange, portfolio tracker, and universal KYC integration. It allows qualified users to buy cryptocurrency with a bank or credit card, earn up to 7.1% APR interest on select crypto holdings, and switch between hot and cold wallets, all while maintaining their own private keys and seed.

“Since the launch of our MVP and token generation event, the Monarch team has worked hard to deliver on every product on our roadmap and make Monarch the one service you need to rule your crypto kingdom,” said Sneh Bhatt, CEO of Monarch. “In addition to the launch of these features, we’ve added partners and advisors that demonstrate our commitment to the long-term growth of the project.”

Monarch’s extensive network of partners includes a recent agreement with Ambisafe to release an Alternative Trading System (ATS) that will allow for investment in tokenized entities (pending FINRA & SEC Approval). Headlining the offerings in the Monarch/Ambisafe ATS will be a pre-IPO token for SpaceX.

Earlier this year, Monarch partnered with Celsius to allow wallet users to earn up to 8.1 percent APR on their crypto. The company has also partnered with Totle to integrate its decentralized exchange and GoChain to support its wallet.

In conjunction with the conclusion of the token generation event, Monarch also sponsored Nascar #52, Driver Bayley Currey, with Rick Ware Racing at the Chicagoland Speedway, June 30th.

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