Edge, the self-custody cryptocurrency exchange, introduced a no-Know Your Customer (KYC) debit Mastercard that can be financed with Bitcoin and other digital currencies on July 8.
Users would be able to spend their crypto without KYC verification at more than 10 million merchant terminals in the United States. Currently, the Edge Mastercard may be funded straight from the Edge app using Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Litecoin (LTC), and Dash (DASH).
Edge executives told that the card is compatible with anti-money laundering and counter-terrorism financing standards due to its $1,000 daily spending limit (about $30,000 yearly). Furthermore, the card may only be used at merchant terminals in the United States. “Without revealing any personal information, and without the normal costs or delays to fill up their card, the Edge Mastercard is a genuine breakthrough for utilising crypto for day-to-day purchases,” said Paul Puey, co-founder of Edge.
Because the card has no linked address, users may use any name and address for billing reasons while buying online.
Edge also stated that their new Mastercard had no costs in addition to its confidentiality. When consumers sell their BTC to add money, the firm utilises spot exchange rates from third-party platforms like Coinmarketcap with no margin.
Patriot Bank, N.A. will issue the Edge Mastercard under licence from Mastercard International, and Ionia will power it. Edge claims that their self-custody cryptocurrency trading platform has over 1.7 million accounts in 179 countries.
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