What is TokenCard?
TokenCard is a crypto-based debit card that allows for the instantaneous conversion of Ethereum and ERC20 tokens to fiat currency that is then available in a physical Visa debit card.
TokenCard’s mission is to serve as a “bridge between conventional consumer banking and the tokenized world,” thus allowing digital assets to be safely and securely integrated into everyday life. The TokenCard Visa debit card is usable at payment terminals and ATMs around the world, with the balance updated by a mobile app which allows its users to manage their Ethereum and tokens. Primarily, TokenCard links fiat payment networks to the decentralized world of Ethereum using a series of well-audited smart contracts.
History of TokenCard
TokenCard was founded by Mel Gelderman in 2017 and has partnerships with a number of major Ethereum-based companies, including Bancor and Enterprise Ethereum Alliance.
Overview: TokenCard (TKN) the Cryptocurrency Wallet, Debit Card and Token. Should you invest?
The TokenCard ICO lasted for 1 day only – May 2nd, 2017 – in which approximately 21.4 million TKN tokens were sold, raising a grand total of $12,782,000.
In January 2019, TokenCard formed a partnership with Contis, a banking, payments and processing services provider, to issue TokenCard Visa debit cards in the UK and European Union. In February, they launched their alpha testing phase, with plans to have a full launch underway by mid year.
How TokenCard Works
TokenCard is a crypto-based debit card, meaning that users convert Ethereum and ERC20 tokens to load fiat currency (GBP and EUR) onto their debit cards, which can then be spent in-store, online, and at ATMs wherever Visa is accepted globally.
After successfully applying for a card through the TokenCard app and loading their app wallet with ETH and Ethereum-based tokens, users choose amounts of ETH and tokens to be instantly converted into fiat currency, which is then reflected by the card’s available balance.
Wallet assets are stored in “triple-audited” smart contracts, meaning they cannot be accessed by the company or any unauthorized 3rd party, and the wallet itself can only be accessed through entering a locally-stored pass phrase.
Each time the card is swiped, a 1% fee in the denomination of the token spent is charged, unless the native currency TKN is used, in which case the fee is negated.
As a crypto-based debit card, TokenCard offers multiple advantages, some of which include:
- Widely accepted. TokenCard is accepted at millions of merchants and ATMs worldwide, pretty much anywhere that accepts VISA will accept TokenCard.
- Fast conversions. Features instant settlement on assets with a highly competitive pricing mechanism that can find the highest prices when selling your tokens.
- Secure. User assets are not stored by the company itself, and cards can be frozen instantly if they are misplaced.
Passphrases are also stored locally and not held by any third party.
- Cheap. With a 1% transaction fee, TokenCard is much cheaper than many similar competitors, and this fee is waved for those who load and spend TKN.