London-based banking alternative Monolith announced its partnership with decentralized finance companies Digix and MakerDAO, Aug. 15. As part of its drive for digital payment adoption in e-commerce, DGX, DGD and DAI tokens will now be loadable onto the Monolith Visa debit card.
A critical bridge between the worlds of decentralized finance and retail
Effective immediately, users who sign up for a Monolith Visa debit card will be able to load it up with MakerDAO and Digix’s digital currencies through the Monolith mobile app. The currencies can then be used for everyday purchases, bill payments and to send and receive money.
CEO of MakerDAO, Rune Christensen commented:
“Monolith’s solution provides a powerful way for token holders to extend the usefulness of their crypto-holdings. […] Their cards create a critical bridge from the world of DeFi to the more traditional world of retail.”
Rebrand marks the end of beta, and ramping up for growth
If this seems like deja vu, it may be because CryptoX reported a similar story almost two and a half years ago. Back then Monolith announced a partnership with Digix on the launch of the TokenCard Visa debit card.
However, that has now been re-labeled an extended beta test and the card has changed names to the Monolith Visa debit card. Monolith CEO, Mel Gelderman commented:
“We’re 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.”
There are now plans to bring further tokens into the monolith ecosystem.
Earlier this year, Bitcoin debit card Shift closed down operations.