More and more companies are accepting Bitcoin & Co. payments. In addition to large companies, smaller retailers are also among those where payments can be made with the digital currency. In El Salvador, Bitcoin is now officially accepted as legal tender, which also shows that cryptocurrencies are on their way to becoming mainstream. Now, the UK postal service has entered into a partnership with Swarm Markets. It’s a move that’s especially important for Europe.
Posts in the UK can buy cryptocurrency vouchers from the Post Office
As per an article from The Telegraph, the UK Post Office entered into a partnership with Swarm Markets. Swarm Markets is a regulated crypto exchange based in Germany. Through the collaboration, it is now possible for users to verify their identity through the Post Office EasyID app. Thus, they can directly access Swarm Markets and buy cryptocurrencies.
With this cooperation, users can then buy cryptocurrency vouchers with just a few clicks. Users can then redeem these vouchers for Bitcoin & Co. Financial market experts, on the other hand, are worried. They warn citizens that it is very risky to invest in digital currencies. For this reason, financial market experts say that users should be warned clearly and concisely when making purchases. In addition, the experts have also expressed that it is questionable to link assets to mail when they are as volatile as cryptocurrencies. Warren Shute, Charteres Financial Planner had this to say on the matter:
‘When people buy cryptocurrencies, they should be sold with a very clear asset warning: that you could get back a lot less than you bought. It’s one thing to buy crypto online through an investment platform, as the public expects, but you don’t associate this with the post office.
Crypto exchange Swarm Markets, on the other hand, believes that partnering with the UK Post Office will make it easier to get started with Bitcoin & Co. Swarm Markets co-founder Phillip Pieper said that it will make it easier to get started by making it easier and safer for users to buy real Bitcoin and Ethereum. This will give more people the opportunity to get started with digital currencies.
British Post Office does not receive commission for the identification process
It should also be said that the UK Post Office does not receive any commission for the identification process. Through the cooperation, the Post Office only receives a negotiated amount that Swarm Markets uses the ID verification software.
A Post Office spokesperson also commented on the collaboration with Swarm Markets, saying:
Access to products and services is increasingly shifting online and we have responded to this change with the launch of our free Post Office EasyID app. It allows people to build their own secure digital identity on their smartphone, giving them the ability to easily check and prove who they are, no matter which business they choose to interact with.
Brits will find it easier to buy bitcoin & co.
Brits, of course, like any other country, have the ability to buy Bitcoin & Co. on various trading platforms. In addition to Binance, Coinbase or Gemini are also available to users. They are already in operation, even if Binance is currently controversial. However, Coinbase and Gemini still remain for Brits to buy Bitcoin in their country.
In addition, payments giant Paypal announced last month that it is now extending its crypto options to British citizens. This means that users can now buy Bitcoin & Co. through their PayPal account. This was previously denied to the British and other nations. However, the Checkout with Crypto feature is still only reserved for US users. PayPal has not unlocked this feature for the British and other European countries. Still, it’s an important step that Brits can now buy cryptocurrencies via PayPal, starting at 1 British pound.
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