Edge, a self-custody crypto exchange, revealed that it will offer a no-KYC debit Mastercard that can accept Bitcoin and other digital currencies funding.
Users would be able to spend their bitcoin at more than 10 million merchant terminals in the United States without KYC verification. Currently, the Edge Mastercard may be funded directly from the app using Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Dash.
Edge executives told Cointelegraph that the card complies with anti-money laundering and terrorism financing standards because it has a $1,000 daily spending restriction (about $30,000 monthly). Furthermore, the card can only be used at merchant terminals in the United States. The co-founder Paul Puey had this to say:
“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.”
Users can simply insert any name and address for billing purposes while shopping online because the card has no address connected with it.
Edge also claimed that its new Mastercard has no costs, in addition to its anonymity. When consumers sell BTC to add funds, the company uses spot exchange rates from third-party platforms like Coinmarketcap, with no margin.
Patriot Bank, N.A. will issue the Edge Mastercard, which will be powered by fintech company Ionia and issued under license by Mastercard International. The exchange claims that its self-custody bitcoin trading platform has over 1.7 million accounts in 179 countries.