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Monthly Recap: June 2022

It might be the height of the summer here at our London HQ, but the world of cryptocurrencies and tokens is currently deep in winter mode. Although the latest market downturn has shaken the industry, slower phases such as this one provide the perfect opportunity to build. And that’s exactly what we’re doing: after launching to a small set of customers, our team is focusing on bringing the product to a wider audience this summer. We’re also taking action to respond to recent events in the token ecosystem and will soon be expanding the product to include an exciting new feature: Collections and Cards. Learn more about our plans in our Monthly Recap below.

Disclaimer: Investing in cryptoassets is risky. Due to the volatile nature of the cryptocurrency market, investors run the risk of losing their funds when they make an investment. Returns from cryptoasset investing are not guaranteed, therefore users should always be aware of the risks. will offer a fun and accessible way to invest in the token economy by introducing the concept of Collections and Cards. We recognised that there are already thousands of tokens and we believe that there will be millions available by the end of the decade. While this is an exciting prospect, it has created a learning curve for newer entrants who don’t know where to start in the token economy. Collections and Cards will address this by zooming in on key strands of the token universe and presenting the most important tokens in each category in a digestible format. Collections and Cards will give customers access to a wide variety of tokens covering areas such as DeFi (“DeFi blue chips”), the Metaverse (“Explore the Metaverse”), and key Ethereum competitors (“Ethereum’s most promising rivals”).

It will initially go live with a Stealth Launch for a subset of our existing customers and those on our waiting list. Our Stealth Launch commences this week and will include more customers as the month goes on.

A preview of the Card for Uniswap’s UNI token

For the first phase of our Stealth Launch, we’ll be rolling out a host of exciting new features designed to help our customers navigate the world of tokens and start investing in the ecosystem. They include the addition of a Discovery screen that will feature some of our top Collections and a list of highlighted tokens. We’ll also be adding a feature that presents a customer’s live balance based on the tokens held in their wallet and a micropayments feature that allows customers to begin their investing journey with as little as $0.50. We think the Discovery screen looks rather neat, but don’t just take our word for it — check out a preview of how the update will look below.

A preview of the Discovery screen

As we move into our Stealth Launch, we’ll be offering a range of features beyond buying tokens. The second phase of the rollout will introduce our sell tokens feature, offering customers a seamless way to trade their purchases for fiat money. This update will also add a search bar to make finding tokens easier and highlight the performance of individual tokens in a customer’s wallet. While these features have not yet been added to the app, they will be released as the second phase of our Stealth Launch. uses dollar-pegged cryptocurrency stablecoins, meaning Brazilian customers are not exposted to Real inflation. While the app initially converted PIX deposits to the UST stablecoin, we changed our approach due to the collapse of the Terra blockchain. After a period of extensive research and reflection, we’ve opted to integrate USDC for all customers. That means customers will have their funds converted to Circle’s widely-used collateralised stablecoin, deposits will re-open for our first adopters, and token trading will go live for everyone. We expect our USDC integration to be complete in the next few weeks. The integration will be rolled out in stages to select users once our Stealth Launch commences.

That covers all of the major developments for June 2022. We’re looking forward to embarking on the next stage of our journey, starting with our first sets of Collections and Cards. We also have lots of exciting plans on how these features will evolve to revolutionise how the world interacts with the token universe — keep an eye out for more updates from us in the coming weeks.

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Monolith: everything you would expect from a bank, built for the DeFi economy.

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Monolith is the world’s first DeFi wallet and accompanying Visa debit card made for spending crypto assets anywhere.