Monarch Blockchain Corporation announced on Friday that it signed an agreement with blockchain startup Swarm. According to the partnership, Swarm’s SRC20 security tokens, along with the SWM utility token, will be available on the Monarch Wallet. Swarm is a blockchain-oriented firm that tokenizes private equity with help with its proprietary SRC20 protocol related to the development of security tokens.
Also, the Swarm team noted that there was no stable and scalable option to trade security tokens in a compliant manner, so it developed its Market Access Protocol. The solution enables the execution of transactions under a regulatory framework while ensuring a high degree of security and privacy. In the first quarter of 2019, Monarch will work on an online exchange platform that will integrate MAP, which will allow participants to trade security tokens conveniently and compliantly.
Swarm co-founder and CEO Philipp Pieper said:
“Monarch is a product and technology first company, which makes them an ideal partner for Swarm. Their universal crypto wallet, and their roadmap of empowering tools and services will be a real driver of the mass adoption and we are thrilled that SWM, SRC20 security tokens, and MAP will all be a part of Monarch.”
The Monarch Wallet provides its users with decentralized cold storage, suggesting that the company doesn’t store clients’ private keys. According to the partnership, users will be able to hold Swarm’s SRC20-based security tokens and the SWM token using the secure cold storage option of the Monarch Wallet.
Monarch Blockchain Corp CEO Sneh Bhatt commented:
“We at Monarch believe STOs are paving the way for compliant digital assets. We aim to support all security tokens on the Monarch Wallet, and with Swarm's Market Access Protocol we will be able to deliver safe and compliant in-app security token trading.”
Earlier, we reported that Swarm was tokenizing the equity of trading app provider Robinhood, launching a pre-funding round for the Robinhood Equity Token (RHET) in August.