On Thursday, August 15, 2019, London-based, Ethereum-powered banking alternative, Monolith reported on its recent partnership with smart asset company, Digix (token: DGX) and stablecoin project, MakerDAO (token: DAO). The reason for said alliance stems from the latter two’s aim of getting their tokens loaded on the Monolith Visa debit card.
Commencing this very same day, Monolith users will be able to load Digix and MakerDAO coins onto their cards via the former’s mobile app. Said loading can be used towards paying day-to-day transactions, whether this is to pay, send or receive funds.
As a way to celebrate the trio’s involvement, Digix is offering the first 1,000 users who activate their Monolith card with 0.1 grams of Gold in DGX tokens. Digix is a firm that used blockchain technology to create DGX, a token that represents 1 gram of gold stored in recognised precious metals vaults in Canada and Singapore.
This move is especially big for Monolith, as the firm can watch its contributions grow within the e-payment space. This is mainly due to its debit card being accepted anywhere Visa typically does, with high anticipation for coverage in the time to come along with newer partnerships.
According to the CEO of Monolith, Mel Gelderman, there has been a “fantastic response from [their] beta users and are now ramping up for growth.” Gelderman further added that
“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.”
It seems like the reason for picking Digix and MakerDAO stems from their accredited nature. More specifically, he said,
“MakerDAO and Digix are some of the most recognized and earliest Ethereum-based projects. For TKN holders, these partnerships mean that DAI, DGD and DGX are now eligible for usage in the TKN Asset Contract.”
The CEO of Digix, Kai C. Chng mentioned that the partnership was forced by nature, emphasizing that it is due to the commonality between the duo, i.e. bringing together blockchain assets and “democratizing access to cryptos”.
Cointelegraph also reported on this matter, in which CEO of MakerDAO, Rune Christensen’s viewpoint on said endeavor was disclosed. In particular, the CEO was quoted saying:
“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 (decentralized finance) to the more traditional world of retail.”