Posted 3 years ago | by Ben Armstrong
Monarch Offers First Decentralized Recurring Payments Solution
Monarch has now successfully launched the first cryptocurrency recurring payment system that is decentralized. While Coinbase & PumaPay have launched crypto recurring payments on their platforms, neither is decentralized. Since they are centralized, they cannot offer the same security as a decentralized option. When a user does not have access to their own private keys, there is always an opportunity for negligence on the part of the seed/key holder.
Through smart contracts, Monarch will now allow users of its wallet to pay for any recurring payment with crypto. This includes services like Netflix & Hulu. Any merchant can now accept crypto for recurring payments through MonarchPay. Larger ticket items with lengthier terms can also be purchased with the recurring payment smart contracts.
Monarch is also spotlighting the Free Ross Fund that honors and supports Ross Ulbricht, the founder of Silk Road. Many believe that the sentence he received for his crimes were cruel and unusual. Recently it was reported that drug lord El Chapo received a lighter sentence than Ross Ulbricht did for running a website where there were some questionable goods for sale (putting it lightly). Through Monarch’s crypto recurring payments, users can now regularly donate to the Free Ross Fund with crypto.
Monarch President Robert Beadles had this to say about the great achievement for Monarch:
Monarch believes in the free market and giving people more control and freedom over their financial lives. Because of this, we wanted to commemorate the launch of the world’s first Decentralized Recurring Cryptocurrency Payments Platform by honoring a person without whom Bitcoin and Cryptocurrency wouldn’t be what it is today: Ross Ulbricht. For less than the cost of a latte, people can now use aid Ross in the fight for his life using MonarchPay’s recurring payments to donate to the Free Ross Fund at freeross.org/donate.
While many projects claim to be helping push cryptocurrency to the mainstream, Monarch is following through by making it easier to spend & receive crypto for real world goods & services.