Monolith Customer
We would like to announce the closure of Monolith’s services, effective on 8th October 2024. This marks an end of an era, however, our journey is far from over.
Reasons for this Decision
- The increasing regulatory requirements in the EU and UK made it challenging to keep Monolith operational without significant investment.
- We are preparing for the global rollout of Monolith’s successor, Token.com, a mass-market consumer crypto platform summarised as “TikTok for Tokens.”
A Brief History — Monolith
Monolith, graciously funded by the early visionary Ethereum community in May 2017, was a product ahead of its time: a smart contract-based mobile wallet with a Visa debit card. It was one of the earliest DeFi lifestyle products, packed with pioneering concepts that are only now receiving wider recognition. Monolith truly had it all.
Since going live in early 2019, Monolith has served 35,000 customers throughout Europe, enabling them to live a pioneering decentralised lifestyle. Collectively, they spent a whopping $113,654,969.87 in the real world. WOW. We deeply thank all our passionate users.
We are proud to say that the Monolith smart contract wallet has had zero user security incidents over its service life.
Monolith faced and overcame many challenges during its development, paving the way for the rest of the industry. Please read the full story by CEO Mel Gelderman: Why We’re Betting Big on Token.com and Sunsetting Monolith.
What’s Next — Token.com
We believe crypto struggles with retention, losing interest after bull markets due to outdated UIs and poor storytelling. Yet, tokens have the potential to accelerate wealth creation, making it accessible to all, not just the well-connected few. By 2030, the first billion-user crypto app will emerge, offering a far more engaging and intuitive experience, and enabling the creation of tokens to fund the world's greatest vision
Token.com aims to become the major video-first social network for investing in the tokenized world. By harnessing the power of storytelling, we plan to attract and retain a billion users, making crypto accessible and compelling for everyone. The throne is empty, and we're ready to seize it.
This product is not just a dream — it's a reality. Over the past two years, we have developed a viral product, successfully launching a beta in Brazil. We are now in the final stages of deploying this global app. We are excited to bring this product to the world, ushering in a new wave of crypto adoption that not only thrills consumers but also empowers their financial journey.
We welcome you to join us on Token.com and appreciate all the support you will bring to our mission.
For $TKN Holders
For $TKN Holders Exciting news! With the rollout of Token.com, we are soon reissuing our token and would like to invite Monolith $TKN holders to exchange their tokens for new freshly minted Token.com tokens. Please stand by for more information and follow @melgelderman for updates.
Please read the full blog: Why We’re Betting Big on Token.com and Sunsetting Monolith.
Warm regards,
Mel Gelderman and Team
FAQ
Why was my account closed?
Monolith has ceased operations, and the product has been sunsetted. This means we have shut down the app main functionality and terminated all card accounts.
What happened to my account?
On 8th October 2024, your Monolith card was deactivated, and your Monolith account was closed. Important: The wallet balance shown in the app no longer reflects your real balance.
You can no longer use the Monolith app to manage your crypto-assets or top up your cards. However, you can still access your wallet if you backed up the seed phrase and restore it elsewhere — more details can be found in our Wallet FAQ.
What happens to my crypto-assets?
Your crypto-assets are held in your own private wallet that is non-custodial; therefore, you can still access your assets as you wish. You can use your seed phrase to access your wallet outside of the Monolith app. Please ensure you have securely backed up your seed phrase. For more guidance, please refer to our Wallet FAQ where we have outlined the detailed instructions on how to access your wallet outside of Monolith.
How to get the remaining funds from my closed account?
Monolith cards were issued by our card provider, Solaris, and any remaining funds are held by them.
To redeem any remaining funds on your closed Solaris account, please follow these steps:
1. Access the Solaris Redemptions Support Page: Use this link here to locate the Solaris Redemptions Support Page.
2. Complete the Redemption Form: Once you’re on the website, just click on ‘Submit a request’ and fill in the form which requests to redeem your funds and complete it accurately with all the necessary details:
- Use the email address associated with your Monolith Visa Debit Card account.
- Subject Line: “Redemption funds of Monolith customer.”
- In the Description section, specify that you wish to redeem the remaining funds from your closed Solaris account. Include the full account details where Solaris can send the money in the currency which matches your Monolith Visa Debit Card account (Euro or GBP).
- If your email address differs from the one linked to your Monolith Visa Debit Card account, provide clarification and attach a colour copy of your photo ID (like your passport or driver’s license) so Solaris can confirm your identity.
- Attach any necessary files.
3. Await Confirmation: After submitting your request, Solaris will review it and aim to respond within 14 days. Please note that during busy periods, it may take a bit longer, but rest assured, Solaris will handle your request promptly.
4. Alternate Contact: If you prefer, you can also reach out to Solaris via email at [email protected]. Be aware that responses via email may take a bit longer than using the Redemption Form.
WALLET FAQ
How do I access my wallet outside of Monolith?
To access your wallet outside of Monolith, you need to use your seed phrase to import your wallet into another application. This can be done with popular wallet software such as Metamask, Trust Wallet, Coinbase Wallet or any other wallet of your choice. Simply enter your seed phrase during the wallet setup process on the chosen platform, and your assets will be accessible.
What is the seed phrase?
When you created your Monolith account, you were given a 12-word seed phrase. This seed phrase is crucial as it allows you to recover and access your crypto wallet. If you did not note down your seed phrase during account creation, you can retrieve it by navigating to the Monolith App ➡️ Settings(bottom tab) ➡️ Back up Seed. This will display your seed phrase for you to record safely.
Copyright Token Group Ltd (under license to UAB “Belela”). Monolith is the trading name of UAB “Belela”. Company code 305982313, Virtual Currency Deposit and Exchange operator, registered in the Register of Legal Entities of the Republic of Lithuania. The Monolith Account and Visa Card are issued by Contis Financial Services Ltd who are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (registered number 900025) and UAB „Finansinės paslaugos „Contis” who are authorised by the Bank of Lithuania under the electronic money institution license No. 53.
The Monolith Account and Visa Card are electronic money products which are not covered by the Financial Services Compensation Scheme or the Deposit Insurance System of the Republic of Lithuania. The funds will be safeguarded by Contis Financial Services Ltd or UAB „Finansinės paslaugos „Contis”. For any disputes, the Financial Ombudsman Service and the Bank of Lithuania consumers disputes resolutions institution are available.
Please note that the Financial Services Compensation Scheme or the Deposit Insurance System of the Republic of Lithuania are not available for crypto activities, including fiat-to-crypto (or vice versa) exchanges, transactions, swaps, and funds held on the non-custodian wallet.