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TokenCard ICO Nets Millions For ERC20 Token Debit Card

By

Jeremy

Nation

WriterETHNews.com

A company brandishing a new debit card that will let anyone spend ERC20 tokens at Visa terminals enjoyed a $12.7 million investment round from a successful ICO.

TokenCard, working with Monolith Studio, successfully kicked off an ICO today, raising $12.7 million and generating 43.2 million TKN coins in just over a few hours.

A Medium post by Monolith Studio provided investors with a guide to the ICO, detailing the sequence of events which would begin with the initial offering and culminate with the issuance of TKN coins. Leading investors will be rewarded for their participation, as the post states the “top 500 contributor addresses will be able to claim their Contributor TokenCard."

A number of digital currencies received by TokenCard's wallet address during the ICO, which kicked off around 4pm GMT, included Ether (ETH), Augur (REP), DigixDAO (DGD), Golem (GNT), Melon (MLN), Swarm City (SWT), Maker (MKR), and SingularDTV (SNGLS). Ether accounted for the lion's share of the currencies raised, totaling 166.7k, which is a little over 2.5 times the amount developers expected to raise. Ether stood out as the single virtual currency to more than double expectations; the rest fell well under fundraising goals, suggesting that faith in Ether outpaced other virtual currencies as an investing tool.

The contract governing the ICO was prepared by consulting group New Alchemy. TokenCard needed to raise $4.5 million in Ether to keep the creation period open for a final 24 hours and once $12.5 million in Ether was raised the ICO closed.

As reported by ETHNews in February, TokenCard offers a feature that allows for the retention of assets in digital form, rather than forcing a conversion to fiat currencies. Accepted at Visa terminals worldwide and working in accordance with management application Token App, the card can be used by anyone to access their contract wallets, and to spend tokens in exchange for goods and services without a bank account.

TokenCard and Monolith Studio join the ranks of other successful ICOs this year, including Gnosis and Blockchain Capital, which respectively raised millions on their token offerings last April.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

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