Edge Launches No-KYC Mastercard to Allow Users to Spend BTC, ETH, BCH, Doge Across 10M U.S. Merchants
Several initiatives continue to be rolled out in support of cryptocurrency payments.
Edge, a self-custody crypto exchange, has rolled out a new service that will enable its users to spend their digital currencies.
Following the initiative, the cryptocurrency startup has launched its credit card solution dubbed Edge Mastercard in a bid to allow its users to spend cryptocurrencies such as Bitcoin (BTC) and Dogecoin (DOGE).
Other digital currencies that can be spent via Edge Mastercard include Bitcoin Cash (BCH), Litecoin (LTC), and Dash (DASH). Users will be allowed to spend $1,000 daily.
The initiative is designed in a way that allows users to transfer supported cryptocurrency assets to the Edge app, which can be used to purchase goods across supported stores, the announcement adds.
Getting Started with Edge Mastercard
Getting started with the service is as easy as it can get, as users can start spending their cryptocurrencies to purchase items from different merchants.
Interested users are required to enter their email addresses on the Edge app in order to sign up for the card. Once the Edge Mastercard arrives at its destination, it will be required to set it up from the app for security purposes.
Unlike most cryptocurrency payment providers, Edge does not require users to provide their personal information before using the service.
“Using Edge Mastercard does not require you to compromise your privacy, as other programs do. There is no name or address associated with your Edge Mastercard, making for completely private transactions when your card is used,” the San Diego-based cryptocurrency payment company noted on its website.
Paul Puey, the co-founder of Edge, expressed excitement about the newly launched service, stating that the company’s users will be able to spend their crypto assets at various merchants without having to compromise their identities.
10 Million Merchants to Support the Service
Edge plans to roll out the service across 10 million U.S.-based merchants. Despite the fact that users will be spending their crypto across these merchants, the initiative is designed to enable merchants to receive U.S. dollars.
“Bitcoin, BitcoinCash, Dash, Doge, and Litecoin users will finally be able to spend their currencies at Mastercard accepting merchants in the US,” Puey added.
With Edge Mastercard, users do not have to go through any know-your-customer (KYC) verification exercise, as they can begin making purchases across the supported 10 million stores in the U.S. once they receive the card.
Despite the fact that users will not be required to go through complex KYC procedures, Edge noted that the newly launched Mastercard is compliant with various financial regulations, including Anti-Money Laundering (AML) and Counter-Terrorism Financing.
On a daily basis, users will get to spend a maximum of $1,000, making it $30,000 for a month.
Widespread Adoption of Crypto Payments
The development marks the continuous adoption of cryptocurrencies, as payment methods in exchange for various merchandise.
As reported, over 25 shopping malls and 13 hotels have integrated support for crypto payments using Binance Pay.
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