Fintech News

TokenCard: The First Debit Card Powered by Smart Contract is here Curtesy of Monolith Studio

Monolith Studio is a web3 venture production studio founded by David Hoggard and Mel Gelderman. Monolith is keen on realizing the potential of Ethereum as demonstrated by its first product that combines VISA payments with ethereum smart contracts.  The product, TokenCard, is basically a debit card that is powered by smart contracts.  Monolith Studio announced its token launch for TokenCard on 20th April 2017. The product effectively incorporates VISA payments network into Ethereum making it possible for token holders to use Ether and other ERC20 tokens to make payments at any outlet that accepts VISA debit card payments.

TokenCard will, in turn launch, a new ERC20 token namely TKN on 2nd May 2017. Each TKN holder will have a pro-rata share in the accumulation of various Ethereum tokens accruing to the “TKN Asset Contract.” You can register for updates and download the whitepaper here.

According to Mel Gelderman, a co-founder of Monolith studio and one of the brains behind the creation of TokenCard, the introduction of Ethereum Economy is very significant as it has the potential to completely transform the financial industry. According to him, TokenCard is simply a platform that employs a clever trifecta of technology to bring Ethereum Economy to the general public. Instead of depositing funds outside of your control, you will only be required to choose a contract wallet that supports Ether and almost every ERC20 token. TokenCard VISA debit cards are capable of drawing funds from this contract wallet. TokenCard has unique features designed to give you a great banking experience. Some key features include:

  • The use of Token App to manage the TokenCard and operate the contract wallet
  • Multi-asset spending capability
  • The user has full control of his assets and can even determine how to pay for a purchase like 20% REP, 30% DGX 50% ETH.

TokenCard is uniquely designed to provide a solution to the underlying Ethereum community and improve on the whole spectrum of debit card and banking industry. By leveraging on Ethereum technology, TokenCard aims at revolutionizing asset management, international remittances and other financial sectors that are ripe for innovation.

According to Peter Vessenes , the founder of New Alchemy, you can transact with your tokens at any VISA outlet anywhere in the world. All you need to do is simply swipe the TokenCard. Peter further observes that TokenCard has very unique benefits for the remittance sector. Additionally, the TKN token currently being issued is designed to broadly expose TKN holders to the token economy. You can download the whitepaper and register for the TKN token pre-sale by clicking here.

New Alchemy is working with Monolith Studio to make this great idea a success. Significantly, New Alchemy is a market leader in blockchain consulting and investment. It has well recognized experts who have many years of experience in cryptocurrency and commerce. The group combines their business knowledge with blockchain skills to offer excellent services to their clients.

With Monolith Studio working with New Alchemy, you can only expect a transformation of the financial services sector.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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