Monarch creates first recurring crypto payments system
Cryptocurrency solution Monarch Wallet has launched the world’s first decentralised recurring crypto payment system, enabling the likes of Netflix and Hulu to accept crypto for memberships and subscription services.
The Canadian fintech has overcome past limitations of blockchain transactions by developing a smart permission-based system which pays one wallet address equal amounts of cryptocurrency daily, weekly, monthly, yearly or on a custom recurrent basis.
Coinbase and PumaPay were the first to create cryptocurrency subscriptions, but because they were centralised they didn’t allow users to hold their own private keys and seed, leaving personal data exposed and vulnerable.
“98% of businesses are small businesses in the US alone,” says Monarch president, Robert Beadles. “This simple utility allows them all to start using and receiving crypto today with MetaMask for recurring services. We wanted to make this as available as soon as possible to people without changing what they are used to.”
MetaMask will be added to the Monarch Wallet, which supports more than 3,000 cryptocurrencies in the next few months.
Monarch now boasts more than 270,000 users and recently raised more than $2 million to fund their suite of blockchain services.
The cryptocurrency company is advised by the likes of Bitcoin founder Roger Ver and LinkedIn founder Eric Ly.