Monarch Wallet App Update Brings Users Up To 7% APR Interest With Crypto
Monarch Blockchain Corporation and cryptocurrency lending and borrowing platform Celsius have joined together on the newest Monarch Wallet App update for iOS & Android. This new app update includes the integration of Celsius’ interest rates into the Monarch Decentralized Cryptocurrency Wallet. This integration will give the Monarch Wallet yet another great feature for qualified users. Not only can these users buy, sell, trade and send crypto with the Monarch Wallet, but they can also now store their crypto in a “savings account” feature enabling them to earn up to 3-7% APR (rates are subject to change) interest paid out weekly. In contrast, most cryptocurrency users typically do not earn anything through traditional cryptocurrency cold storage.
For years banks have been dropping interest rates as low as 0% while they charge customers up to 35% interest on credit cards. Celsius focuses on sharing more of the money they make from lending than traditional banks. Another way Celsius differs from other banks is the user’s cryptocurrency isn’t locked up from 6 months to a year. They allow customers to withdraw their funds at any time. Additionally, Celsius pays depositors 80% of the revenue they earn while giving customers direct control and transparency over how their funds are used.
Users will also be able to borrow dollars while their cryptocurrency stays in the “savings account.” Customers use their crypto assets as collateral and can receive a U.S.D. Loan at just 4.95% APR (rates are subject to change). The Loan-to-Value (LTV) ratio determines the interest rate of the loan, not your credit score. Very simply, the more cryptocurrency that is used as collateral, the lower the interest rate. When the loan is paid off, the customer gains control of their crypto again.
When asked about the new joint venture, Robert Beadles from Monarch Blockchain Corporation said, “Monarch’s mission is to empower people to control all aspects of their finances from the palm of their hand. This partnership is an amazing win for the crypto community,”
Alex Mashinsky of Celsius is also excited about the venture, saying “Many crypto services lend out their clients’ funds without giving proper notification and distribute significantly lower returns on those funds. This sounds much more like a page out of Wall Street’s playbook than that of a financial system founded on the interest of the people, as the crypto community claims to be. We hope our partnership with Monarch sets a new industry precedent in digital finance. High yield interest-bearing accounts should be the expectation; not the exception.”
Having over 200,000 downloads, the Monarch Wallet continues to become more popular in the crypto space. Their decentralized wallet supports over 1,900 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), GoChain (GO) and all ERC20 Tokens. The Monarch Wallet allows users to purchase Bitcoin and Ethereum using a credit card or bank account. Monarch ensures Users own their private keys and seed. The Monarch Wallet continues improving and giving users more power, capabilities, and control over their crypto assets.
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Monarch is currently having a Token Generation Event. You can learn more and stay up to date on all of their developments by visiting their website Here, or connecting with them and their community on Telegram Here.
