Monarch Wallet for Blockchain Assets Gets Polymath Support for ST-20 Tokens
Polymath Partners With Monarch Wallet To Add ST-20 Tokens To Its Platform
Polymath, a platform for the creation of security tokens and the blockchain asset wallet, Monarch Wallet have entered into a partnership that will see Monarch list as a custody provider on Polymath for ST-20 security tokens.
Monarch wallet provides secure fully decentralized cold storage to users for their private keys. Polymath’s POLY tokens join a list of over 1500 ERC20 and ERC223 digital assets that are already supported on Monarch. The partnership will provide issuers of digital assets and holders of assets issued on the Polymath platform safe storage for the assets.
Polymath CEO views this partnership as an important catalyst for increased adoption of security tokens through ensuring compliance of regulations and providing its users with great user experiences. This is reiterated by Monarch’s chief executive who views security tokens (STOs) as a unique and effective way of bringing regulatory compliance to the cryptocurrency industry.
Monarch will see its offerings expand to include ST20 security tokens alongside the already existing Ethereum based ERC20 and ERC223 tokens. The security tokens reduce trading fees and liquidity for private entities, cut settlement time and enhance transparency, providing a viable alternative to paper share certificates currently used.
Monarch is in the process of conducting its own Security Token Offering (STO) backed by silver for a fiat to cryptocurrency exchange platform. The platform will feature a merchant and wallet plug-in that will facilitate payment of recurring monthly bills on the blockchain using the tokens. Asset backed crypto assets have been seen as safer and more stable alternatives to traditional digital assets making them more suitable to users and merchants to facilitate trade.
Among the benefits businesses are set to get from the platform is the ability to accept payments in cryptocurrency and receiving them in fiat thanks to Monarch’s internal exchange. Users on the other hand will be able to enjoy free peer to peer transactions and to manage all their subscription and recurring payments from a single platform.
The Monarch services will be available through mobile and desktop apps on all major operating systems including iOS, Android and Windows and MacOS. Monarch will also enable its users access best prices for their tokens on both internal and external exchanges and provide them with up to date information through its portfolio tracker and news platform. The platform will be based on reliable blockchain with great scalability and support for dApps.
Besides providing an asset backed security, Monarch will also offer holders of its Monarch security tokens an opportunity to earn dividends weekly distributed from 50% of merchant transaction fees. Polymath (POLY) tokens are currently trading at a price of USD 0.166 and a market capitalization of USD 46.8 million and a trade volume of USD 1.8 million.
This places it 108th among digital assets. The tokens value has been relatively consistent over the last month although its current value is approaching its lowest for the period.