Dai stablecoins can now be used to buy things anywhere in the U.K. that accepts Visa, thanks to a new partnership announced today between MakerDAO, Monolith, and Digix.
Available in 31 countries throughout the entire European Economic Area, the Monolith debit card allows users to spend digital assets converted to GBP or EUR in their non-custodial Contract Wallet.
Monolith, formerly known as TokenCard, launched its decentralized banking app on the U.K. and European iOS App stores last month. The project leverages Ethereum to provide an alternative to traditional banking services.
MakerDAO and Digix are familiar faces among the decentralized financial products being developed on Ethereum. MakerDAO is behind the Dai stablecoin, while Digix offers a gold-backed token called Digix Gold (DGX).
From DeFi to Retail
In addition to Dai, ETH, and Monolith’s community token TKN, Monolith’s debit card can now be used to spend Maker (MKR), DigixDAO, and Digix Gold tokens. And the Monolith wallet now supports all ERC-20 tokens.
“We're thrilled to have had a fantastic response from our beta users and are now ramping up for growth,” Mel Gelderman, CEO of Monolith, said in a statement. “Rebranding to Monolith helps us achieve our mission of democratising finance and bringing the Token economy to everyone while providing a unique service to our customers.”
By allowing Dai holders to spend their tokens on everyday purchases, the partnership enables one of the first bridges between decentralized financial products and traditional retail markets.
As a result, the DeFi dream is one step closer to being “everywhere you want to be.”