Monolith Studio launches the crowdsale for TokenCard – world’s first ERC20-compliant debit card for Ethereum. TokenCard is the first debit card powered by smart contracts and is created by Monolith Studio.
With TokenCard, Monolith Studio will bring the VISA payments network to Ethereum for the first time. This development opens up possibilities for token holders to use Ether as well as other ERC20 tokens to purchase items anywhere that accepts VISA debit cards.
May 2, 2017 will also see the release of a new ERC20 token, called TKN under TokenCard’s ‘token creation’ phase. TKN holders have a pro-rata share in an accumulation of different Ethereum tokens that accrue to the ‘TKN Asset Contract’.
According to Said Mel Gelderman, creator of TokenCard, users can choose Contract Wallet and the TokenCard VISA debit cards will draw funds from it. The Token App can be used to operate their Contract Wallet and manage their TokenCard, giving users a top-tier mobile banking experience that includes unique features like multi-asset spending.
TokenCard also aspires to improve upon the entire spectrum of regular debit card and banking services. Further, it sees itself well- positioned to bring about innovation in the markets like international remittances and asset management.
While initially providing current token holders with payment utility, the core vision of TokenCard is to build a product that anyone can use. TokenCard also provides for a familiar platform to access and engage in the Ethereum ecosystem, with its accompanying Token app alongside the debit card.
Peter Vessenes, founder of New Alchemy, stated that TokenCard by letting users spend supported tokens with just a swipe at VISA merchants worldwide makes every token better. Further, he talked about TokenCard having some unique benefits for the remittance market, and also said that the TKN token being issued is designed to let all TKN holders benefit from broad market exposure to the token economy.