Entering the Monolith: how to add crypto to your wallet
The foundation of our offering is the Monolith smart contract wallet. Designed to be used together with our Visa debit card, it’s the tool that allows you to live a bankless life. Remember why you’re doing this? We’re here to give you an otherworldly monetary experience that challenges the current system.
To make use of Monolith, you’ll need to add tokens, i.e. cryptocurrencies to your wallet. Sound difficult? It’s not; we’ve worked hard to make using our app as easy as ordering a taxi. This guide takes you through the step-by-step process of buying crypto in-app and beginning your financial transcendence.
- Open the Monolith app and enter your PIN
When we talk about our smart contract wallet, we really mean the Monolith app. You’ll always be asked for your PIN code when you open it — it’s one of the ways that we make sure your funds stay secure. In the below video we’ve used 111111 as the PIN, but please make sure you use one that won’t be so easy to guess.
2. Add Money
You can currently move fiat money to Monolith with a debit or credit card. Start by hitting ‘Add Money’ under the balance on the ‘Wallet’ tab, or hit the blue ‘+’ icon followed by ‘Add money’. You’ll need to enter your card details, select the FIAT currency to be deposited (we accept GBP or EUR) and hit ‘Continue’. It usually takes a couple of seconds to verify the details.
3. Get DAI
Monolith uses DAI as its crypto on-ramp. DAI is a popular crypto stablecoin running on Ethereum; its value stays roughly pegged to the US dollar. Enter the amount you want to top up (note the minimum limit of £250/€250). Then hit ‘Buy’. You don’t need any gas for this transaction — we cover the cost.
4. Fill your Gas Tank
Every transaction on the Ethereum network requires gas, a small amount of the blockchain’s native currency, ETH. To use your DAI, you need to make sure your Gas Tank is filled. To fill the tank, start by sending some ETH to your wallet. Hit the blue ‘+’ icon followed by ‘Receive Tokens’ to get your address (note: we’d recommend pasting it over to your transaction rather than typing, it needs to match exactly to work). It’s a good idea to send enough ETH to cover a few transactions, as every Ethereum transaction uses gas. Send over your ETH and refresh the ‘Activity’ tab until you see the transaction appear. Then top up your Gas Tank by pressing the fuel icon underneath your balance and the amount you want to top up.
And that’s it — you’ve officially entered the monolith. From here, you might want to save or send tokens, watch your money grow by swapping it into an interesting-bearing asset like aDAI or cDAI, or top up your Visa card to realise the next stage of your journey. The future is here, and you can get it all at your fingertips now.
