World’s First Gold-Backed Blockchain Debit Card To Be Built By DigixGlobal, Monolith
DigixGlobal and Monolith are set to build a new Visa debit card using Blockchain technology. The card, the first in the world of its type, aims to provide a “comprehensive banking replacement.”
Ethereum tokenization startup DigixGlobal has partnered with Monolith to produce a new version of the world’s first gold-backed Blockchain debit card.
Denominated in Ether (ETH) and ERC20 tokens, Monolith’s Visa Debit card will become customizable for the needs of Digix’s customers as a result of the partnership.
“The card will be available to users worldwide who might seek its unique properties,” IB Times quotes Digix CEO Kai Cheng Chng as saying. “The partnership will focus on some specific markets namely countries with weak national currencies and large remittance flows.”
Chng added that cardholders will have a new way of easily acquiring the company’s DGX tokens. These gold tokens, which Digix provides in order to transfer gold ownership to customer ETH wallets, could become a “comprehensive banking replacement for the general public,” Monolith co-founder Mel Gelderman said.
“In this vision, stable currency plays a key part. Digix Gold tokens are uniquely tangible and offer significantly more stability compared to other digital assets, making them a viable option for worldwide adoption,” Gelderman continued. “Together with Digix, we will be able to offer one of the only true commodity backed debit cards and bring back the gold standard in a meaningful way.”
Swiss Ethereum startup Monolith originally launched its Blockchain debit card in December 2016.