Edge’s ‘Confidential’ Crypto Credit Card Works Anywhere Mastercard Is Accepted
Crypto wallet holders will soon have access to a so-called “confidential” prepaid credit card which does not require personally identifiable information and does not charge any fees. The Edge Prepaid Card is issued by Patriot Bank under license from Mastercard International and is subject to their cardholder agreement.
Edge – a major self-custody exchange founded in 2014 – was due to launch the new credit card on Friday. However, a dispute with Mastercard over the approval of a custom card design has caused a temporary delay in the upcoming launch. “Our issuing partner is working closely with Mastercard to resolve these discrepancies.
We look forward to continuing this program with the support of all parties involved,” said Paul Puey, co-founder of Edge. ZDNet in an email.
An announcement on Edge’s website provides additional updates:
“[We] have been asked to remove our content and suspend card program availability while we work diligently with our card program manager and card issuer to resolve these unforeseen challenges as quickly as possible. »
All customers requesting a refund for assets transferred from their crypto wallets can contact Edge Support directly.
No more ramp exit delays
Currently, using cryptocurrency to fund credit card purchases can be a cumbersome process. This requires selling assets through an exit ramp first. It may take several days for the funds to reach your account. Alternatively, users are forced to use a centralized exchange such as Coinbase. In either case, users must follow a Know-Your-Customer (KYC) procedure which can incur fees through a bank and include long wait times to access funds in their account.
Edge Mastercard promises to provide a final solution around these issues in the process with a seamless transaction controlled directly by wallet holders. “This is a revolutionary new product. Users can spend privately at thousands of merchants in the United States without delay because the card does not require any personal information,” says Puey.
Capped at a daily spending limit of $1,000, the Edge Prepaid Card can be funded with Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Dash directly from the Edge app. Users can instantly top up their credit card and transact at any of the 10 million merchants in the United States that accept Mastercard.
No fees to access your funds
Topping up the credit card, selling crypto assets and converting them to US dollars is done instantly using official spot exchange rates from industry standard price verification platforms like Coinmarketcap. Completing your credit card creates a sale transaction in the wallet. Merchants receive US dollars during the transaction.
Users will appreciate that the Edge prepaid card does not charge any fees to convert their cryptocurrency to US dollars. Edge does not charge you any fees or take a margin on the exchange rate. Everyone leaves happy.
Confidentiality is key
The biggest differentiator between the Edge prepaid card and other crypto credit cards is that Edge does not require any personally identifiable information. The cards ensure privacy and maintain the privacy that cryptocurrency users value.
Since Edge is a prepaid credit card backed by assets in a crypto wallet, a consumer’s credit score is never included in the application process. “Because it’s a prepaid card, we’re not concerned with creditworthiness or anything like this model that’s debt-based,” Puey said. “With Edge, [your credit limit] is based on the assets available in your portfolio,” he added.
A mailing address will be required for customers requesting a physical card. However, this address is not linked to the account or used in any verification process. The mailing address can be any location provided by the user. Users will be charged a one-time fee to cover printing, encoding, and shipping costs if they request a physical card.
Users who wish to forego a physical card can still access funds at participating merchants, as Edge easily connects to Apple Pay, Samsung Pay, and Google Pay. A virtual card can be used for online purchases by copying and pasting the card details into a retailer’s checkout page. Entering a name or address, if applicable, will allow the transaction to proceed.
Additional Crypto Assets
The Edge team is exploring options to expand the types of cryptocurrencies currently supported by the Edge prepaid card. Ethereum and Solana are two options currently under consideration. One of the challenges of working with digital currencies like Ethereum has been the high fees associated with transactions. For now, keeping the line free for user transactions is Edge’s priority.