Edge to launch confidential no KYC crypto Mastercard
Edge launches the first confidential Mastercard with no KYC verification requirements via which users can transact in crypto
By Shashank Bhardwaj
San Diego-based startup Edge released the first "Confidential" crypto Mastercard that does not require know-your-customer (KYC) data for collecting information related to the identity of the user. Edge is the company that created the Edge cryptocurrency wallet.
The announcement on Edge's official website read, “There is no name or address associated with your Edge Mastercard, making for completely private transactions when your card is used.” The announcement further added, “We protect your privacy while complying with all requirements for issuers, card associations, regulations, local, federal and international laws.”
While privacy is important to crypto enthusiasts, Edge co-founder Paul Puey stated that the defining principle behind the Edge Mastercard is economic empowerment. Puey said, "I've known a handful of people that are unbanked; they simply cannot get a bank account for whatever reason.”
The new card is not limited to Bitcoin. Users can sell Bitcoin Cash, Dogecoin, Litecoin, and Dash to fund their Edge Mastercard, which can then be used at eligible merchants. Currently, Edge has a $1,000 daily spending limit and can be used with Apple Pay. Later, options to use Samsung and Google Pay are expected to be added. Later this month, users will be able to order a physical card for $20.
Edge Mastercard holders are expected to enjoy spending crypto at over 10 million merchants. At the moment, the card can only be used at merchants in the United States. However, Edge is working on expanding its use beyond the United States. To explain Mastercard's part in this initiative, Puey added, “Mastercard is involved in the entire process. They fully approved this, it’s fully legal and approved by Mastercard. It fits entirely within their framework.”
Edge Mastercard holders will be able to conduct zero-cost transactions. Top-ups will also be instant, removing the inconvenience of having to wait to use crypto. As a result, Edge customers will no longer have to worry about "pre-loading" funds onto the card. For added convenience, the card will be accepted both online and in-store. Those who want to shop at an online store can copy and paste their credit card information and add a shipping/billing address to the order.
In Puey's words, "I can’t be more excited for the launch of the Edge Mastercard. Bitcoin users will finally be able to privately spend at thousands of merchants around the US without compromising any personal info and without fees or delays to top up their card!" To avail of the features of the card, users must first sign up for an Edge account. This will allow them to activate a digital card within the Edge app.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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