DigixGlobal partners with Monolith Studio for gold backed debit TokenCard

DigixGlobal, a Singapore-based physical gold asset-tokenization platform built on Ethereum has announced a partnership with Monolith Studio, creators of the Visa based TokenCard. The initial focus of the partnership is to create a one-of-a-kind debit card based in Digix DGX gold tokens.

The yet to be named “Gold card” ties into the transaction based profit models of both DigixDAO and Monolith’s TokenCard. The effort attempts to vastly extend the reach of Digix’s tokenized commodities to the general public by lowering the barrier of entry and offering unique functionality.

Monolith Studio recently unveiled plans for TokenCard: an Ethereum powered debit card that can hold ERC20 tokens. This DGX powered version allows users to leverage TokenCard’s next-generation security features whilst using a familiar commodity as a store of value. TokenCard and Digix can together bring back the gold standard in a meaningful way.

TokenCard will be a crowdfunded platform, with an underlying token: TKN. TKN accrues a 1% licensing fee on every transaction made with TokenCard and gives holders various perks. The crowdfund is set to commence on March 20th.

TokenCard merges Ethereum smart contracts with Visa payments. This enables Monolith Studio to achieve a range of radical new features that set it apart from any competition. The resulting security enhancements and user control, cement TokenCard’s potential to become one of the most powerful debit cards in the world.
DGX gold tokens are currently available for purchase on ShapeShift exchange.

DGX & DGD

Thus far, Digix has created two types of Ethereum tokens – each with unique properties. These two tokens complement each other to ensure their joint success.

DGX

– The future gold-standard for value exchange in the Ethereum ecosystem
– Each token represents 1 gram of 99.99% LBMA standard gold and secured in Safehouse vaults
– On-chain proof of auditing; no fractional reserve; fully allocated
– Redeem 100 DGX tokens for 100g of physical gold via personal or mail

DGD

– Claim quarterly rewards based on the total DGX collected through transaction fees
– Used to pledge on DigixDAO proposals with the goal of increasing DGX adoption
– DGD value fluctuates based on exchange rates and market forces
– There are 2,000,000 DGD tokens in existence