You Can Spend Crypto Gold with a Visa Card

August 16, 2019 / by Crypto.IQ

Formerly known as TokenCard, Monolith has now entered into a partnership with Digix and MakerDAO, enabling their users to load DGD, DAI, and DGX tokens to their Visa debit cards. These are new additions to the existing options Ethereum (ETH) and TKN (TokenCard).

Since each DGX token is backed by gold, this partnership means that Monolith customers will be able to spend precious metals on their daily expenses using a decentralized application. 

Monolith, an Ethereum-powered decentralized finance provider, has launched the iOS version of its application in the United Kingdom and Europe, with the Android version of the app on the horizon. This application comes with a non-custodial contract wallet, where you can store ERC-20 tokens and Ethereum, which you can then exchange and load onto your Monolith debit card.

A fraction of the fees deducted when you load a debit card goes towards Monolith’s own token (TKN), which is backed by a wide range of Ethereum tokens, like DGX and DAI.  This means an ever-increasing demand for TKN, an approach similar to that of Binance Coin.

Established in 2016, Monolith is working to expand decentralized finance. The UK-based firm is now beginning a new growth phase, as explained by CEO Mel Gelderman. “We are thrilled to have had a fantastic response from our beta users and are now ramping up for growth. Rebranding to Monolith helps us achieve our mission of democratizing finance and bringing the Token economy to everyone while providing a unique service to our customers.” 

Monolith also needs the support of other Ethereum-based decentralized finance projects. Gelderman  went further, “For TokenCoin holders, these partnerships mean that DGD, DGX, and DAI are now eligible for usage in the TKN Asset Contract. We are thrilled to offer them on Monolith, and see this as the start of bringing many more quality tokens into our ecosystem.