We’re thrilled to announce that you can now add money for ETH with Monolith. We’ve always prided ourselves on being an easy entry into the world of DeFi. That was a point of focus for us when we added our money in feature back in September, enabling you to seamlessly exchange fiat for DAI.
While DAI is a useful base currency for Monolith, there are various reasons why it makes sense to add ETH to our crypto on-ramp service. ETH is the native currency of Ethereum, the blockchain our wallet is built on. In many ways, it’s become the reserve currency of decentralised finance.
As we highlighted in our recent report marking $7 million topped up, ETH is the most used currency in Monolith by some distance. That tells us that making the asset more accessible would improve the Monolith experience and help serve our community.
Now, with both DAI and ETH added to our money in feature, you have a choice between two of the core assets of the decentralized finance ecosystem: one that tracks the price of the US dollar, and another that acts as the fuel for the whole network. ETH also has utility across DeFi’s leading protocols, and with the implementation of EIP-1559, it could soon become a deflationary asset.
By adding money in for ETH, you can gain exposure to the asset and store it in your wallet just as you would when you buy DAI. You just need to provide your card details, and you can use any Visa or Mastercard to purchase.
The minimum top-up is £/€250 per transaction, while the maximum top-up is £/€2,250 daily, and £/€50,000 annually.
Changes to our fees
Transparency is at the core of everything we do, so we’d like to highlight a key change to our money in offering.
While we’ve previously been able to subsidize the fees for using our money in feature, we’ll now add a 2.95% surcharge to cover the gas fees for exchanging fiat to crypto. Every transaction on the Ethereum network includes a gas fee, which is why there’ll now be a small cost to add money in. It means we can continue offering the service without overloading our own expenses, and our rates will still be among the most competitive around.
See the table below for a comparison with other services offering fiat-to-crypto purchases with a credit or debit card.
*Fee based on using a debit or credit card with Moonpay
**Some fees may not include ETH at the current market rate, or other charges associated with using the product.
Please note: data was compiled based on making a fiat-to-crypto purchase in the UK or Europe with a debit or credit card.
We’re pleased to be able to expand our offering. With ETH added to money in, Monolith is one of the easiest and fastest ways to get access to crypto and begin the journey into decentralised finance. And better still, our service remains one of the most competitive rates around. ETH is available for purchase with any Visa or Mastercard now. Are you ready to transcend?
Sign up to Monolith here.
