Edge announced a confidential BTC MasterCard, aiming to empower the unbanked in the BTC payment industry but Mastercard declined the allegations so let’s read more today in our latest cryptocurrency news.
Edge the company behind the Edge crypto wallet announced the launch of a new Confidential Mastercard which required no personally identifiable information to use. The co-founder and CEO Paul Puey said:
“Not a name, not a phone number, not an email address. Definitely not your actual address, nothing. You can create a virtual card in around 15 seconds inside of Edge.”
While privacy is a key appeal for the crypto lovers, Puey said the economic empowerment is the defining principle behind the new Mastercard card:
“I’ve known a handful of people that are unbanked; they simply cannot get a bank account for whatever reason.”
The new card is not only for BTC so users can sell BTC, DOGE, Bitcoin Cash, Dash, and Litecoin to their MasterCard for use at eligible merchants in the US. Edge said the card is issued through a Mastercard template program with the Patriot Bank. However, a spokesperson from Mastercard reached out and outlined that the company has no official involvement with Edge’s card:
“As far as this template card program is concerned with Patriot Bank, it is approved. The specific item that has not been approved is the custom-designed card that we intend to have… the dark blue card with the mint Bitcoin logo that we’ve shared in our imagery with these announcements.”
Mastercard’s response to the launch announcement is interesting since the Edge CEO Puey explained:
“MasterCard is involved in the entire process. They fully approved this, it’s fully legal and approved by MasterCard. It fits entirely within their framework.”
The Edge Mastercard will have a daily spending limit of $1000 and can be used with Apple Pay and Google Pay. The option to order a physical card for $20 will be coming later this month. To fund the account, Edge customers can sell their BTC inside their wallet and send the USD to their Edge Mastercard and make purchases rather than sending the funds to the bank. There are no fees to add funds to the cart and those that wish to shop at the store can copy and paste the card information and add a shipping address to the order.
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