Inside the Quest at Colossus to Replace Visa and Mastercard With KYC-Less Crypto Cards

In brief

• Colossus is attempting to bypass Visa and Mastercard by building its own sovereign credit card rail using an Ethereum layer-2 network.
• The company is leveraging its interpretation of the GENIUS Act to operate without the traditional KYC or AML requirements.
• The startup’s launch follows the total collapse of UnCash, which was shut down by a “corporate guillotine.”