UK Post Office to partner with Swarm Markets
According to an article in The Telegraph, the UK Post Office will allow the purchase of Bitcoin (BTC) and other cryptocurrencies through a new partnership with Swarm Markets, a decentralized exchange (DEX).
As part of the partnership, users will need to verify their identity with the “Post Office EasyID” app in order to access the service. In addition, users must enter their age, last name, first name and nationality.
Thus, this agreement allows verified users of the app to go to Swarm Markets, where they can buy vouchers redeemable for cryptocurrencies. The vouchers can then be redeemed at any of the 11,500 ATMs in the UK. Note that the utility is only responsible for the ID app, it does not receive any commission on the vouchers sold and will not carry out any advertising.
This is not the first time a post office has offered cryptocurrencies to its customers. In 2019, the Liechtenstein Post Office had also offered vouchers in exchange for BTC.
A partnership that has caused a reaction
Some British politicians disapprove of this initiative. Angela Eagle MP told the Telegraph:
“The Post Office runs a significant risk of completely damaging a trusted brand for something that is not regulated, and giving it legitimacy. I think they should stop this service immediately.
Warren Shute, a financial analyst, also commented on the partnership:
“When people buy cryptocurrencies, they should be sold with a very clear warning. It’s one thing to buy cryptocurrencies, but you don’t associate that with the UK Post Office.»
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About the author: Florent David
Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.