The .xyz community has been growing with decentralized finance (DeFi) platforms, cryptocurrency tools, and other innovative uses of blockchain technology. We’ve decided to dedicate this entire month of #WebsiteWednesday posts to spotlight ground-breaking blockchain mavericks of the .xyz community. This week, we’ll introduce you to an Ethereum based cryptocurrency wallet that is making it easier for users to buy, store, and spend their cryptocurrency in the real world: Monolith.xyz.
Monolith.xyz is a London-based cryptocurrency wallet and accompanying Visa debit card, designed for easy spending of crypto assets. Crypto users rely on digital DeFi wallets to safely store their funds. Monolith.xyz users can store most common ERC-20 tokens, like ETH, in the Monolith wallet. The ERC-20 (Ethereum Request for Comments 20) is a Token Standard that implements an application programming interface (API) for tokens within Smart Contracts. In 2018, Monolith.xyz worked to bridge the gap between cryptocurrency and the European Economic Area (EEA), Europe’s traditional financial market. They became one of the first wallets in the DeFi economy to offer customers a debit card, which can be used to convert their crypto to British Pounds/Euros to be spent on standard transactions like paying bills, grocery shopping, and cash withdrawals. Last year, Monolith.xyz increased their services further by implementing the ability for users to buy ETH directly in-app. This means that anyone with a Monolith.xyz account can buy, store, and spend ETH cryptocurrency.
The Monolith TKN, created by Monolith.xyz, has the economic purpose of giving community members an opportunity to share in the success of the Monolith. When Monolith.xyz users opt to purchase tokens other than TKN, they incur a small 1% fee, which is added into Monolith’s TKN Community Chest in the form of ETH tokens. At any time, Monolith.xyz users who hold TKNs can exchange them for a proportionate amount of the ETH tokens stored in the Community Chest. They can also exchange their Ethereum-based tokens to fiat and load them onto their Monolith Visa debit card, to be spent how they choose.
Monolith.xyz was founded in 2016 by Dutch entrepreneur and investor, Mel Gelderman. In 2018, he was named one of Business Insider’s UK Fintech 35 under 35, which spotlights the 35 most exciting young entrepreneurs, engineers, and advisors in UK fintech. On his LinkedIn page, he shares the vision behind Monolith.xyz. He references 2001: A Space Odyssey, and the sighting of the Monolith. He writes “We believe that Ethereum is the real life analogue to Kubrick’s Monolith, holding the same paradigm shifting potential.” He also shares his aim for Monolith.xyz to unravel the power held by Ethereum and to offer “credible bank replacement for 700 million Europeans.” Monolith.xyz’s newest team member is no stranger to innovation. Entrepreneur Mike Harris, known for launching UK’s first 24/7 telephone banking option First Direct Bank in 1989, as well as several other successful businesses, was recruited as Chairman earlier this year to help guide the start-up’s strategy in preparing for mass adoption.
We are inspired by the forward thinking demonstrated by Mel Gelderman to develop the innovative services provided by Monolith.xyz. This groundbreaking crypto banking option further demonstrates that the .xyz community is home to the innovators and pioneers of tomorrow. We are excited to watch Monolith.xyz continue to revolutionize decentralized finance on their .xyz. You can learn more by following the platform on Twitter or by visiting Monolith.xyz