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‘Confidential’ crypto credit card from Edge works everywhere Mastercard is accepted



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Crypto wallet holders will soon have access to a so-called “confidential” prepaid credit card that doesn’t require personally identifiable information and doesn’t charge any fees. The Edge Prepaid Card is issued by Patriot Bank under license by Mastercard International and is subject to their Cardholder Agreement.

Edge — a leading self-custody exchange founded in 2014 — was slated 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’re looking forward to furthering this program with the support of all parties involved,” Paul Puey, Edge’s co-founder, told ZDNet in an email.

An announcement on Edge’s website provides additional updates: 

“[We] have been asked to take down our content and put on hold the availability of the card program while we work diligently with our card program manager and card issuer to resolve these unanticipated challenges as quickly as we can.”

Any customers requesting a refund of assets transferred from their crypto wallets can contact Edge support directly.

An end to off-ramp delays

Currently, using cryptocurrency to fund credit card purchases can be a cumbersome process. It requires first selling assets through an off-ramp. This can take several days before funds hit your account. Alternatively, users are forced to use a centralized exchange such as Coinbase. In either case, users must complete a Know-Your-Customer (KYC) procedure that can incur fees through a bank and include long wait times to access funds in their account.

Edge Mastercard promises to provide an end-run around these hiccups in the process with a seamless transaction controlled directly by wallet holders. “This is a groundbreaking new product. Users can spend privately at thousands of merchants in the US with no delays because the card doesn’t require any personal information,” says Puey.

Capped at a $1,000 daily spending limit, the Edge Prepaid Card can be funded with Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Dash directly from the Edge app. Users can instantly top off their credit card and transact business at any of the 10 million merchants in the US that accept Mastercard. 

No fees to access your funds

Topping off the credit card, selling crypto assets and converting them to US dollars is done instantaneously using official spot exchange rates from industry-standard price checking platforms like Coinmarketcap. Topping off your credit card creates a sell transaction in the wallet. Merchants receive US dollars in the transaction.

Users will love that Edge Prepaid Card doesn’t assess any fees to convert their cryptocurrency to US dollars. Edge doesn’t charge you a fee or take a margin on the exchange rate. Everyone walks away happy.

Confidentiality is key

The biggest differentiator between Edge Prepaid Card and other crypto credit cards is that Edge doesn’t require any personally identifiable information. The cards ensure privacy and maintain the confidentiality that cryptocurrency users have come to appreciate.

Since Edge is a prepaid credit card backed by assets in a crypto wallet, a consumer’s credit score never figures into the application process. “Because it’s a prepaid card, we’re not concerned with credit worthiness or anything like that model which is based on debt,” Puey said. “With Edge, [your credit limit] is based on the assets available in your wallet,” he added.

A mailing address will be required for customers who request a physical card. However, that address isn’t tied to the account or used in any verification process. The mailing address can be any location supplied by the user. Users will be charged a one-time fee to cover the cost of printing, encoding, and shipping if they request a physical card.

Users who wish to forgo a physical card can still access funds at participating merchants because Edge easily connects with Apple Pay, Samsung Pay, and Google Pay. A virtual card can be used for online shopping by copying and pasting card details into a retailer’s checkout page. Entering any name or address, when required, will allow the transaction to proceed. 

Additional crypto assets

The team at Edge is exploring options to expand the types of cryptocurrencies currently supported by the Edge Prepaid Card. Ethereum and Solana are two options currently under review. One challenge with working with digital currencies like Ethereum has been the high fees associated with transactions. For now, maintaining the line on no fees for user transactions is Edge’s priority.

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