Blockchain-based Web3 startup Monolith Studio has announced the launch of the first ever smart contract-powered debit card, TokenCard along with its initial token crowdsale.
[Note: This is a press release]
TokenCard will be first of its kind to bring VISA payments to the Ethereum network, allowing users to spend Ether and other ERC20 tokens at any online and PoS terminals that accept VISA credit and debit cards.
The new ERC20 token, (TKN), was generated earlier this month on May 2, 2017, as part of the TokenCard’s ‘token creation’ phase. Token holders can expect a pro-rata allowance in the form of a number of different Ethereum tokens that accrue to the ‘TKN Asset Contract.’ Interested investors and enthusiast can download the company’s whitepaper and register for updates on the TokenCard website.
In addition to providing a viable solution for the underlying Ethereum community, TokenCard, by design also aims to improve the entire debit card and banking services ecosystem considerably. The Ethereum blockchain has an enormous potential to meet the challenging requirements of prime sectors like international remittance and asset management, and the use of such innovative technology will greatly benefit TokenCard.
TokenCard has previously partnered up with asset tokenization platform Digix Global, in a bid to produce debit cards that will be backed by gold instead of money. This project marks the beginning of the company’s aim to bring many more exciting projects to fruition in the near future. TokenCard intends to use its head start with smart contract-backed debit cards to push the company’s project forward and propel it to become a leading company in the Ethereum world.
TokenCard is initially granting only token holders with the payment utility, but the company’s intention will be to make the product available to all users soon. The company aims to offer users an easy-to-use platform, to accompany the debit card and TKN application.
Images courtesy of TokenCard.io, AdobeStock