The creators of Edge crypto wallet aim to decentralize financial operations and ‘bank the unbanked’, however, there might be some obstacles going further that path.
Today, CEO Paul Puey announced that customers will have the ability to create a virtual Mastercard (NYSE:MA) 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.
Zero fees. Instant funding. Edge Mastercard. With Edge Mastercard everyone can now spend BTC, DOGE, DASH, LTC, & BCH instantly, with zero personal information required. Learn more with the link below! https://t.co/ToQdATcIbv$1000 Spending Limit and an Additional Physical Card— Edge (@EdgeWallet) June 8, 2022
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 (NASDAQ:AAPL) Pay, while Google (NASDAQ:GOOGL) 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 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.
