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The U.K.’s Post Office is offering a route for customers to purchase volatile cryptocurrencies. Soon users can buy crypto through its identity-verification service, EasyID. Through the verification app, customers of the EasyID app can purchase crypto vouchers from the decentralized exchange (DEX) Swarm Markets.
Users verifying their identity through the app receive access Swarm’s official website. Additionally, they can acquire cryptocurrency vouchers using their phones. Users can redeem vouchers for cryptos like Bitcoin and Ethereum on the Swarm platform.
In August, the Post Office introduced EasyID to help users securely verify their age, identity, and other essential details. Furthermore, it helps in gaining access to services on other platforms. The Post Office won’t receive shares for the vouchers it sells. Instead, Swarm Markets will pay it for utilizing its I.D. verification software.
According to the Post Office spokesperson, access to products and services is increasingly moving online. They responded to this shift by launching a free-to-use app, Post Office EasyID.
With the app, people will build their own secure digital identity on their smartphones. The app will enable them to control and prove who they are to whichever business quickly.
Bitcoin Legal Tender
The move was surprising because of Bitcoin’s notoriously volatile price movements. This comes after the currency lost 50% of its value between April and May this year.
Swarm Markets states that it is the world’s first regulated Decentralized Finance (DEFI) protocol. BaFin, Germany’s financial watchdog, has licensed it. The price of Swarm Coin, the exchange’s native token, has spiked by over 4.2% in the past 24 hours.
Experts warned about crypto risks and expressed shock at the Post Office tie-up. Warren Shute, a chartered financial planner, said that when customers purchase cryptocurrencies, they should be aware of the apparent wealth warnings.
He noted that they could get back a lot less than you bought. He added that acquiring crypto online through an investment platform is something the audience expects. However, you should not link this with the Post Office.