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Edge Prepares an Anonymous Crypto Mastercard, but Mastercard Changes Plans

The creators of Edge crypto wallet aim to decentralize financial operations and “bank the unbanked.” However, there might be some obstacles further down that path.

Today, CEO Paul Puey announced that customers will have the ability to create a virtual Mastercard in-app that requires absolutely no KYC. “Definitely not your actual address, nothing. You can create a virtual card in around 15 seconds inside of Edge,” says Puey. Initially, the card was supposed to support Bitcoin, but the San Diego-based CEO of Edge mentioned that Dogecoin (DOGE), Litecoin (LTC), and DASH would be supported as well.

$1000 Spending Limit and an Additional Physical Card

Furthermore, the fully anonymous virtual Mastercard has quite an impressive $1000 daily spending limit. In order to fund the virtual card, a customer has to exchange Bitcoin (BTC) or any other supported currency into USD and then transfer it to the new card instead of withdrawing it to a bank account.

Puey also mentioned that a physical Mastercard would cost an extra $20. Moreover, both the virtual and physical cards can be added to Apple Pay, while Google Play integration is coming along soon. There won’t be any fees to deposit funds to the card.

A Change of Plans?

However, these plans might have been halted. Despite Edge announcing the new Mastercard today, a representative from Mastercard said that “there’s no official involvement” in the EDGE’s product. Apparently, the disagreement was caused by the dark blue design of the card with a Bitcoin logo.

The card was supposed to be released in partnership between EDGE and Patriot Bank. Even though EDGE suggested before that the new card “is fully approved by Mastercard,” now the page says it’s under construction and we are yet to see if the private card actually sees the light of day.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.