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Customer of the Week – Monolith

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For our Customer of the Week, we catch up with the Monolith Finance Officer, Bertie Stanley!

 

Blox connects with our diverse portfolio of clients to show the world all of the incredible and advancing crypto and blockchain companies that are trailblazing for the space. We speak with leaders on the inside to learn more about how they operate and why they trust in Blox as their go-to platform for crypto accounting, bookkeeping or asset management.

 

Let’s get started!

 

What is Monolith?

Monolith is the world’s first non-custodial banking alternative linked to a Visa Debit card. Their customers can spend all major Ethereum-based assets in over 200 countries, with 45 million plus merchants — anywhere Visa Debit is accepted.

 

Monolith does not have access to their customers’ wallets, giving them complete control of their personal assets. Their open-source blockchain architecture provides a transparent security layer where anyone can check and verify the code.

 

Tell us about yourself; What is your role at the company?

I am the Finance Officer at Monolith. I joined back in 2017 and my role involves overseeing the company from a finance perspective. This ranges from keeping the books and payments up to date to P&L and forecasting.

 

What does your company do? What is your core offering or value proposition?

Monolith connects users to decentralised applications (dApps) without taking ownership of their tokens. This is combined with the added functionality of a Visa Debit card.

 

 

Beyond these two core services, our upcoming features include:

 

 

DEX Swaps: A decentralised exchange aggregator that enables users to search for the most competitive rates across all major exchanges. User will be able to swap popular Ethereum-based tokens confident that they are presented with the best rate every time.

 

 

Meta Transactions: A series of transactions becomes one simple step, increasing functionality and reducing processing costs, while swapping and sending tokens in a single fluid transaction.

 

 

Gasless: Thanks to Meta Transactions, users will be able to pay for the transaction costs (‘gas’) with any major Ethereum-based token. This will significantly enhance the user experience of our platform when dealing with transaction fees.

 

What is the future for your company’s specific industry?

The tokenized economy with real-world tokens and real-world identities.

Distributed ledger technologies (DLT) – commonly called blockchain – have come to prominence as a new way to store, transmit and control sensitive data. This aspect of the technology could change the way we interact with vital information, offering the potential to achieve better security, scale and privacy. Clearly this applies to a broad spectrum of data types, from legal contracts to biometric data.

 

 

Specifically to finance, the ability to represent an asset as a digital token promises to fundamentally change the way we invest. A security token can represent any tradable asset: a share in a company, ownership of a piece of property, or participation in an investment fund.

 

 

The Bank of England has already begun to consider a digital currency for the UK. Bank officials are collaborating with other central banks – the Bank of Japan, the European Central Bank (ECB), the Sveriges Riksbank, the Bank of Canada, the Swiss National Bank and the Bank for International Settlements (BIS) – to pool research on a central bank digital currency (CBDC). A digital currency pegged to a central bank offers significant opportunities for the development of the tokenized economy, legitimising it in the eyes of the wider public.

 

 

Tokenization could also make the financial industry more accessible, cheaper, faster and easier, unlocking trillions in currently illiquid assets and vastly increasing the volumes of trades.

 

 

These are the specific benefits to finance as we see them:

 

 

Greater liquidity: Tokenized assets can be traded on a secondary market of the issuer’s choice. Access to a broader base of traders increases liquidity, providing more freedom to investors and capturing greater value from the asset for sellers. Traditional illiquid assets, such as fine art or property, can become liquid tradable assets.

 

 

Faster and cheaper transactions: The use of smart contract technology – the rules that govern storage and transactions on the blockchain – can automate certain parts of the exchange process. This will reduce intermediaries, leading to faster execution and lower transaction fees.

 

 

Greater transparency: A security token can embed the holder’s rights and provide an immutable record of ownership.

 

 

Greater access: This technology could open up investments to a wider audience, reducing minimum investment amounts and periods. Because tokens are highly divisible, minor investors could purchase ones that represent small percentages of the underlying assets. Lower administrative costs will also reduce the minimum investment amounts. A higher liquidity from security tokens could also lower the minimum investment periods: investors can exchange their tokens on these secondary markets that are theoretically global and always open.

 

 

Alternative banking platforms: Alternative banking platforms will be at the forefront of these changes and drive competition. Monolith has a specific advantage: we do not control our customers’ funds with the exception of those they choose to load onto their card. This significantly reduces the risk to them and us: unlike other wallets, we are not an attractive target for criminals for we hold no significant funds. If we ceased to exist our customers’ assets would be unaffected.

 

 

Additionally, Monolith provides an array of financial services and products linked to this non-custodial wallet: a Visa Debit card with our upcoming features (DEX Swaps, Meta Transactions, and Gasless) will wrap up the DeFi economy into a consumer-grade financial experience.

 

How is your company using the Blox platform?

As a UK-based company our financial books are audited. It is paramount that we keep all of our assets accounted for. This is where Blox assists us: it allows us to monitor and allocate blockchain transactions quickly and accurately.

 

What challenge has the Blox platform solved for your company?

Time spent on bookkeeping!

 

 

Prior to the Blox platform, we were required to export to excel and manually review each transaction. The biggest solution they provided is the time saved and the removal of human error for daily processes.

 

Blox ensures that the company finances and books are kept up to date and are easily available. 

 

There are many traditional fiat bookkeeping software packages, but very few for crypto assets. Blox allows us to easily import transactions and log them.

— 

Blox sincerely thanks Monolith and Bertie for joining us!

 

 

Thanks for a great and informative customer of the week.

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