DigixGlobal, an Ethereum-based gold tokenization system, has announced its partnership with Monolith Studio, a software provider, to build first gold-backed debit card using blockchain technology, IBTimes reported.

The gold-backed debit card, using the underlying TokenCard platform, can be adopted by the general public. According to a statement, with the release of this, Digix will be able to create a TokenCard experience that will satisfy their current customers' needs. It will also lower the obstacles and barrier of entry for new users to join.

"The card will be available to users worldwide who might seek its unique properties. The partnership will focus on some specific markets namely countries with weak national currencies and large remittance flows. The partnership will also work to make it easy for the general public to acquire DGX tokens for use on their card,” Kai Cheng Chng, CEO of Digix said, as reported by IBTimes.

With the partnership, DigixGlobal will put digital gold ownership into the Ethereum wallet and thus makes them the stable coin of choice amongst other digital currencies. The basic implementation include a custom UI with token specific functionality, further optimizations to make sure that gold tokens are spent efficiently at minimum cost.

TokenCard secures assets with Ethereum smart contracts that are directly controlled by customers. With this, the funds will remain in customer’s possession and control until the moment they are used. This card is a Visa debit card that intends to bring a fundamental shift in how people manage their digital assets.

“The long-term vision for TokenCard is to provide a comprehensive banking replacement for the general public, on Ethereum. In this vision stable currency plays a key part; Digix Gold tokens are uniquely tangible and offer significantly more stability compared to other digital assets, making them a viable option for worldwide adoption. Together with Digix, we will be able to offer one of the only true commodity backed debit cards, and bring back the gold standard in a meaningful way. We're very excited about this partnership and the future possibilities it enables in taking Ethereum mainstream,” Mel Gelderman, co-founder of Monolith, stated.