On 3rd of August, San Diego-based startup Edge announced a KYC-free debit Mastercard that can be funded with Bitcoin and other cryptocurrencies. The debit card is the first of its kind that does not require know-your-customer (KYC) data.
The announcement on Edge’s official website reads “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.”
Users will be able to spend their crypto at more than 10 million merchant terminals in the United States. Currently, one can fund Edge Mastercard in $BTC, $BCH, $DOGE, $LTC and $DASH directly from the company’s app.
In a statement to Cointelegraph, a representative at the crypto exchange said that the card complies with anti-money laundering and terrorist financing regulations because of the USD $1,000 daily spending limit. In addition, the card is only available for use at U.S. commercial terminals right now.
Edge can be used with Apple Pay with plans to integrate Samsung Pay and Google Pay soon. Later this month, users will be able to order a physical card for $20.
“Without compromising any personal info, and without the usual fees or delays to top up their card, the Edge Mastercard is a true breakthrough for using crypto for day-to-day payments.”Paul Puey, co-founder of Edge
As there is no address associated with the card, users can choose to enter any name and address when shopping online during payment.
Aside from its confidentiality, Edge claimed that there are no fees charged on its new Mastercard. When users sell their $BTC to add funds, the company uses spot exchange rates from third-party sites such as Coinmarketcap without any margin.
The Edge Mastercard will be issued by Patriot Bank, N.A., under license from Mastercard International, and powered by fintech company Ionia. Edge says that it has over 1.7 million accounts across 179 countries on its self-custody cryptocurrency trading platform presently.
A new revolution
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 utilise all 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.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief