Monolith Studio, an Ethereum specialist has unveiled the first debit card powered by smart contracts. TokenCard brings the VISA payments network to Ethereum so that 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, next month.
TKN holders have a pro-rata share in an accumulation of different Ethereum tokens that accrue to the ‘TKN Asset Contract’.
TokenCard is a project by Monolith Studio, a Web3 startup trying to solve the problem of bringing Ethereum to the real world.
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 uniquely 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 well-positioned to reach these new frontiers as a revolutionary financial solution.
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.
Monolith Studio was founded by Mel Gelderman and David Hoggard. Monolith Studio is a Web3 venture production studio that is exploring ways to realize the potential of Ethereum.