Monolith

Dearest 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 make 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.”

Action Required

If you have a Monolith Card with us, please be sure to spend the remaining funds on your card by 8th October 2024. Additionally, we advise you to withdraw any crypto to an alternate wallet or to back up your seed phrase so that you can restore your wallet outside of the Monolith environment. For more details, please see the Wallet FAQ.

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We believe crypto struggles with retention, losing interest after bull markets due to outdated UIs and poor storytelling.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 visions.

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

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 is my account being closed?

Monolith is ceasing operations and the product is being sunsetted. This means that we will be shutting down the app and terminating your card accounts.

What will happen?

From 8th October 2024, you will no longer be able to use the Monolith app to manage your crypto-assets or to top up your cards. You will still be able to access your wallets if you back up the seed phrase for your wallet and restore it elsewhere — more information on how to do this can be found in our Wallet FAQ.

On 8th October 2024, your Monolith card will no longer be active, and your Monolith account will be closed.

What do I need to do?

Cardholders, stay on the lookout for an email from our card partner Solaris, who will contact you separately to provide you with further detailed information on how to manage the funds on your card.

In the meantime, please ensure you clear any remaining funds from your card before the closure date. You can spend your funds using your card, transfer to another account, or withdraw them from an ATM.

If you have a balance on your card but do not have an active card:

  • Request a card replacement: You can request a replacement card up to 24th September 2024, after which no replacements will be made. To request a replacement, please contact us via e-mail at [email protected] or by the Get Support option within the app.

  • Request card balance funds return: Please contact us via e-mail at [email protected] or by the Get Support option within the app and notify us where to transfer your funds by providing the following bank details and proof of ownership of the account. This could be a bank statement showing your name and the account number.

    Bank details:

    • Full name
    • Bank Account Number / IBAN
    • Sort Code / BIC
    • Your bank's address
    • Your address as registered with the bank

    To send us your information, please use send.tresorit.com to generate a secure document link which is valid for one week.

    Once we receive this information, we will arrange the transfer of your funds to your nominated account as soon as possible.

If any funds remain on your card after 8th October 2024, you have the right to redeem them free of charge. This will be done via our Card Partner (Solaris) and the process will be communicated on or shortly after the date of closure. Your personal details and any alternative account details you nominate will need to be verified before funds can be redeemed.

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 with ease. You can use your seed phrase to access your wallet outside of the Monolith app, so please ensure you have securely backed up your seed phrase. For more guidance, please refer to our Wallet FAQ where we have outlined detailed instructions on how to access your wallet outside of Monolith. We recommend you save this page as a PDF for future reference.

What if I need help?

If you have any questions or need assistance, our Customer Services team is here to help. Please contact us at [email protected].

Thank you for being a valued customer. We appreciate your understanding during this process.

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.

What if I don’t see all my crypto-assets after importing my Monolith wallet?

If you don't see all your crypto-assets after importing your Monolith wallet, it could be due to having both an Externally Owned Account (EOA) and a Contract Wallet linked to the same seed phrase. The seed phrase recovers the EOA, but the Contract Wallet is linked to it and needs to be accessed separately. To access all your assets:

  1. Go into Monolith App ➡️ Settings (bottom tab) ➡️ Diagnostics. That is where you can see your EOA that is recoverable with the seed phrase and the contract wallet linked to it
  2. Copy your Contract Wallet address and open it in Etherscan. In the “Contract” tab of your wallet, you can connect your EOA by choosing “Connect to Web3” and manage your contract wallet
  3. To send funds from your contract wallet back to your EOA, you can use the “transfer” section where you need to paste the destination address (your EOA), transferred assets and the amount.

What if I need help?

If you have any questions or need assistance, our Customer Services team is here to help. Please contact us at [email protected].

Thank you for being a valued customer. We appreciate your understanding during this process.