Key Takeaways
- The new Mastercard supports Bitcoin, Dogecoin, Bitcoin Cash, Litecoin, and dash.
- The card doesn’t require KYC verification and is free of cost.
Leading self-custody crypto exchange startup Edge launched a crypto card that doesn’t require Know Your Customer (KYC) verification. Advertised as Bitcoins First Private Card, Edge Mastercard users would be able to spend their crypto at over 10 million merchants across the US that are on Mastercard’s open-loop network.
The newly launched crypto card supports bitcoin, bitcoin cash, dogecoin, litecoin, and dash. Edge Mastercard issued by Patriot Bank, N.A., under license by Mastercard International, does not require the users to pay any fees for the card. According to sources, the Edge Mastercard complies with Anti-Money Laundering and Counter-Terrorism Financing regulations and has a daily limit of $1,000.
Since no KYC details are required for verifications and no address is associated with the card, users can put any name under billing address during online shopping, according to the press release. The card uses technology by a fintech startup called Ionia and also connects with mobile pay services Apple Pay, Samsung Pay, or Google Pay. Commenting on the recent development Paul Puey, a co-founder of Edge, stated that without compromising any personal info and without the usual fees or delays to top up their card, the Edge Mastercard is truly a breakthrough for using crypto for day-to-day payments.
Edge is banking on confidentiality plus the no-charge feature to attract crypto enthusiasts to try the new card. Edge claims that it uses official spot exchange rates provided by firms, including Coinmarketcap, a renowned price-tracking website for digital assets, with no margin taken on exchange rates.
Edge is a San Diego based firm founded in 2014 that claims to work towards empowering users around the world to interact with the crypto economy by making self-custody more accessible. The digital assets exchange company has an impressive 1.7 million accounts across 179 countries on its self-custody cryptocurrency trading platform.
