Monolith Studio has officially announced its token launch for TokenCard, the first debit card powered by smart contracts. TokenCard brings the VISA payments network to Ethereum so those token holders will soon be able to use Ether as well as other ERC20 tokens to purchase items anywhere that accepts VISA debit cards.
TokenCard will launch its ‘token creation’ of a new ERC20 token, called TKN, on May 2nd. TKN holders have a pro-rata share in accumulation of different Ethereum tokens that accrue to the ‘TKN Asset Contract’.
Mel Gelderman, co-creator of TokenCard and co-founder of Monolith Studio said:
“We are witnessing the birth of the biggest shake up in financial history with the introduction of the Ethereum economy. TokenCard is a platform that brings this new kind of economy to the general public through a clever trifecta of technology.”
“Users choose a Contract Wallet rather than having to deposit funds outside of their control. TokenCard VISA debit cards draw funds from this contract wallet that support Ether and almost any ERC20 token.”
“Users can use the Token App to operate their Contract Wallet and manage their TokenCard, giving them a top-tier mobile banking experience that adds unique features into the mix like multi-asset spending. For example, users can pay for their afternoon lunch with Ethereum tokens and can even split the bill between for example 30% DGX, 20% REP, and 50% ETH – all while remaining in full control of their assets.”
Aside from providing a solution for the underlying Ethereum community, TokenCard is equipped to improve upon the entire spectrum of regular debit card and banking services. Markets like international remittances and asset management are ripe for innovation using Ethereum technology, and TokenCard is aiming to be well-positioned to provide new financial solutions.
While initially providing current token holders with payment utility, the core vision of TokenCard is to build a product that anyone can use. With the accompanying Token app alongside the debit card, regular users will have a familiar platform to access and engage in the Ethereum ecosystem.
Peter Vessenes, co-founder of the Bitcoin Foundation and founder of New Alchemy, a blockchain consulting service involved in TokenCard said:
“TokenCard makes every token better, letting users spend supported tokens with just a swipe at VISA merchants worldwide. It has unique benefits for the remittance market, and the TKN token being issued is designed to let all TKN holders benefit from broad market exposure to the token economy. This is a great, great offering and we’re excited to be part of it.”