GETTY TokenCard could be what brings cryptocurrencies into mainstream society

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TokenCard, which has headquarters in London, has brought in the smart contract powered debit card giving users access to the 'token economy'. The technology enables users to not only purchase but also spend cryptocurrencies, most specifically Ethereum. Co-founded by Mel Gelderman and David Hoggard in 2016, TokenCard was designed to answer the dilemma of not being able to directly spend the roughly half a trillion dollars of cryptocurrency’s in the world market. Mr Gelderman said: “That is money that is locked up. We are trying to unlock that.”

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TokenCard puts Ethereum or whichever cryptocurrency you use on your card. The card can be used for everyday transactions in well known shops that accept payments on cards. When the transaction comes through they take the exact equivalent of £100 of bitcoin or Ethereum and change it into legal tender before sending it to the shop. Mr Gelderman said: “It is a quick process.” The company also monitors your wallet so if you do not have enough cryptocurrencies, TokenCard declines your transaction.