TokenCard, the first debit card operating on the principle of Ethereum smart contracts, will hold a crowdsale on May 2.
The project entails a partnership between Monolith Ventures focused on bridging the gap between VISA payments and Ethereum, and blockchain startup New Alchemy.
According to Peter Vessenes, founder of New Alchemy, the straightforward spending of TKN tokens at VISA-supported merchants which TokenCard will allow is among its greatest benefits.
The main idea behind TokenCard is to provide users with more control over their funds on the principle of smart contracts.
The system will utilize payments with VISA Debit cards that will be manageable through a specially designed app. The transactions will be carried out with TKN tokens, with 1% used to power each card swipe sent to the contract. There will be no user service fee at the point of sale.
Mel Gelderman, the man behind TokenCard, explains the principle of operation, “Users choose a Contract Wallet rather than having to deposit funds outside of their control. TokenCard VISA debit cards draw funds from this contract wallet that support Ether and almost any ERC20 token.”
