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

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 is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.