Visa debit card available in Europe allows users to spend Dai stablecoin anywhere in the world

Stablecoins • August 16, 2019, 8:50AM EDT
UPDATED: August 16, 2019, 9:03AM EDT
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Ethereum-based banking alternative platform Monolith, is issuing a new Visa debit card, which allows users to spend Dai stablecoin anywhere in the world at stores that accept Visa payments.

Monolith announced the news on Thursday, saying that it has partnered with MakerDAO, the firm behind Dai, for the initiative. The debit card, however, is currently issued only in Europe, per the announcement.

Monolith, formerly known as TokenCard, has also collaborated with the asset-tokenization platform Digix, to allow the card users to spend its DGX token, each of which is represented by 1 gram of gold.

“As part of Monolith’s offering, users are able to pay for everyday purchases, pay bills or send and receive money from friends and family - all powered by Ethereum,” the firm said.

Monolith's non-custodial wallet offering Contract currently also supports ether (ETH) and ERC-20 tokens. The wallet app is presently available on the iOS platform, and the firm has a plan to come up with an Android app in the future, per the announcement.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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