The problem of liquidity in Cryptocurrency markets has long been the stumbling block to widescale adoption of Digital Assets. Cryptocurrency holders in most cases find themselves in situations where they cannot spend their Digital Assets in a way that they would prefer.
The fundamental principle of developing Cryptocurrencies was to replace the use of fiat money in both traditional and emerging use cases. But this has not been able to take place due to a myriad of challenges such as security risks, lack of a marketplace, etc. However, Monarch Blockchain Corporation is coming up with a comprehensive solution on its platform dubbed MonarchPay.
This is a marketplace platform that will be released in the coming days to allow Cryptocurrency holders to use their Digital Assets to make purchases at Merchant points of sale that accept Cryptocurrency payments.
MonarchPay Is A Hybrid Payment Platform
The features of MonarchPay are unique and designed to ensure that the platform has capabilities that are ideal for the integration of Cryptocurrency into the over-the-counter retail services payment solutions.
The first benefit of MonarchPay is that it will enable all users to sell and buy Crypto assets without transferring their private keys. Although some critics are saying that the feature could be misused by unscrupulous platform users as they may fail to transfer their Digital Assets after receiving products and services. The developers of the payment platform are however assuring all merchants and concerned parties that MonarchPay will be fair, transparent, and adhere to ethical practices.
Secondly, there will be a dedicated MonarchPay wallet feature that will facilitate the buying and selling of Cryptocurrencies within the wallet. This feature will support the first benefit as users will also be able to buy and sell their Digital Assets without transferring anything. Hence, the wallet will make the platform to have capabilities like a mainstream banking solution.
A mobile version of the wallet will be availed on Google Play and Apple App Store before the beginning of 2019. There will also be a debit card for direct swiping.
MonarchPay Can Connect With Bank Accounts
MonarchPay users will be able to link their bank accounts to the payment platform. This will be vital in the trading of Ethereum in the Monarch Crypto exchange network. It is interesting to note that similar Crypto exchange platforms such as Coinbase, and Wirex also offer the same benefits. However, MonarchPay is unique as users’ ownership of funds is decentralized to their individual wallets and they have full authority of their accounts. Furthermore, the decentralization aspect is maintained and protected from security risks such as hacking.
More Features Will Be Added To The Platform
The developmental roadmap of MonarchPay focuses on making the platform more convenient and user-friendly so as to make the process of buying, selling, receiving, storing and transferring of Cryptocurrencies more practical and sensible in the 2019 era. Further, the app will record and relay historical data, portfolio tracking, account management best practices, news, etc. to make the platform holistic.
After the launch, there will be an update to incorporate more Cryptocurrencies such as BTC, XRP, XLM, and many more. All the Cryptos will be paired and converted instantly against US Dollars through the bank link.