Monolith, the Ethereum-based alternative banking platform that lets users spend their crypto using physical cards, has added tokens by MakerDao (DAI) and DigiX (DGD, DGX) to its platform, meaning that holders of these tokens can now spend the digital assets anywhere where Visa cards are accepted, further spreading the growth of crypto debit cards. The addition increases the platform’s ability to allow users to “pay for everyday purchases, pay bills or send and receive money from friends and family – all powered by Ethereum” according to a statement released by the company.
Ethereum-based banking alternative @monolith_web3 joins forces with @MakerDAO and @DigixGlobal to bridge decentralized and traditional finance. https://t.co/xySad4RGyu pic.twitter.com/e0ds5da2JJ
— Decrypt (@decryptmedia) August 17, 2019
Monolith Spreads its Stablecoin Wings
Monolith has chosen two of the more interesting stablecoins to add to its platform. The DAI stablecoin is made by Maker DAO and, despite being pegged to the dollar, it isn’t backed by it. Instead, the stabilization is based on “a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors.” This mechanism relies on users putting up Ethereum as collateral and receiving a little less than the full USD value in DAI tokens. The ETH is returned when the user returns their allocation of DAI tokens.
The Digix offering is based around the price of gold, with every DGX token representing 1 gram of gold stored by Digix in vaults in Singapore and Canada, allowing crypto users easy and convenient access to gold ownership, and now the ability to spend it. Retail investors no longer wishing to hold their DGX tokens can redeem them back at Digix for the current gold price. As part of the Monolith deal, Digix is offering the first 1,000 users who activate their Monolith Card a free 0.1g of Gold in the form of DGX tokens credited to their Monolith wallet.
New Releases Right Around the Corner
Monolith’s non-custodial wallet currently supports Ethereum and ERC-20 tokens, with a seeming appetite to continue adding innovative tokens to the platform. An iOS wallet is currently available, as well as the physical card which is accepted by the Google Pay service, which is not currently an option with cards like Wirex. An Android app is in development, with announcements to come.
