Key Takeaways
- British Post Office to facilitate Bitcoin and Crypto purchases
- This new service is in agreement with DeFi exchange Swarm Markets
- New development not without criticisms from legislators
British Post has inked a partnership with DEX platform Swarm Markets to offer this service.
According to the terms of the agreement, interested buyers will be required to complete an identity verification using the Post Office EasyID app to be eligible for the service.
The British Post Office introduced the identity system earlier in the year.
It allows users to input their details to get access to services offered by the organization.
Once a customer is successfully verified, they can purchase e-vouchers on Swarm Markets that can be swapped to cryptocurrencies.
The vouchers can also be exchanged into cash and used on over 10,000 ATMs in the UK.
The report further noted that the UK Post Office will not be receiving any transaction fees from the vouchers and will only be tasked with verifying applicants.
Swarm Market will be paying the Post Office to use the identification system.
This development bodes well for the adoption of cryptocurrencies in the UK.
Crypto-assets are legal in the UK but under the watch of the FCA.
The UK financial regulator is known for its strict policies, making it difficult for many crypto companies to offer their services in the region.
The FCA has also been vocal in its disapproval of crypto products that expose customers to extreme volatility and banned derivatives trading earlier in the year.
The news of the UK Post Office’s partnership with Swarm Markets has not gone down without criticism.
Several legislators have expressed their dismay, citing that it could be damaging for a trustworthy brand like the UK Post Office to be associated with cryptocurrencies.
What are your thoughts on the British Post Office enabling crypto purchases?
