TokenCard, the first debit card powered by smart contracts is about to do their initial token sale. Monolith Studio, the creators of TokenCard will, for the first time, bring the VISA payments network to Ethereum. This will allow token holders to use Ether as well as other ERC20 tokens to purchase items anywhere that accepts VISA debit cards.
TokenCard’s ‘token creation’ phase will mark the release of a new ERC20 token, called TKN, on May 2, 2017. TKN holders have a pro-rata share in an accumulation of different Ethereum tokens that accrue to the ‘TKN Asset Contract’. To download the whitepaper and register for updates, please visit the TokenCard website.
TokenCard is a project by Monolith Studio, a Web3 startup bringing Ethereum to the legacy world.
“We are witnessing the birth of the biggest shake up in financial history with the introduction of the Ethereum Economy,”
Said Mel Gelderman, creator of TokenCard.
“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 this 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.
TokenCard has already partnered with Digix Global to create gold backed debit cards. With more exciting partnerships to be released in the near future, TokenCard is positioning themselves to be a leader in Ethereum transfers to the fiat world.
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.
“TokenCard makes every token better, letting users spend supported tokens with just a swipe at VISA merchants worldwide,”
Said Peter Vessenes, founder of New Alchemy.
“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.”
To download the whitepaper and register for updates, please visit the TokenCard website.
About Monolith Studio
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. Monolith’s first product TokenCard, combines Ethereum smart contracts and VISA payments. For more information, please visit Monolith Ventures.