Monolith, the London-based decentralized finance (DeFi) company that issues crypto debit cards has announced its new service for in-app crypto purchases. Monolith is popular in the UK for issuing cryptocurrency VISA debit cards that allow users to spend Ethereum-tokens (ERC20) for everyday purchases.
Since its inception in 2018, Monolith has remained consistent in growing its customer-base to several thousand people in the Uk and Europe. Allowing users to buy cryptocurrency directly from its platform will allow Monolith to further expand its footprint and operations.
In the official press release, Monolith CEO Mel Gelderman said:
“We are quite simply the best way to get into and out of DeFi. But the next frontier will be embracing everything in between in order to create a more approachable experience to those just entering the space.”
The Monolith Debit Card serves as the perfect bridge between the crypto world and the traditional financial economy. Users maintain the full custody of their decentralized wallets, however, they can spend easily in real-world fiat currencies like Euro or the Sterling Pound using the Monolith Cryptocurrency Debit Card.
This gives users the absolute power of spending their crypto holdings in everyday transactions like bills, purchases, etc. All this, without disturbing the inherent crypto design of decentralization and trustless transactions.
Monolith Working In Tune With the Regulators
The major concern for legit crypto companies has been the changes in regulatory framework across the globe. Monolith has always aimed at building credibility by staying transparent with both – the regulators and its customers alike. The crypto debit card company is also looking to get itself registered with U.K.’s topmost regulator – Financial Conduct Authority (FCA).
This will cement Monolith’s position as a market leader among other crypto firms. Besides, it will also provide a safety net for its users to use their crypto assets while following FCA’s money laundering regulations.
The growth of Monolith’s native cryptocurrency TKN token has served as a catalyst for the platform to expand its services. CEO Gelderman said:
“By creating an easy to use solution that couples a native self-custodial wallet with the easiest way to get into and out of DeFi, we are bringing the power of a new financial paradigm to the masses. In a world that looks for new and innovative ways to unbank, we’re glad to be the preferred vehicle to deliver this experience.”