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U.K. Post Office Now Allows Users Purchase Bitcoin Through Its App

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TrueBlueTerrier
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U.K. Post Office Now Allows Users Purchase Bitcoin Through Its App

Post by TrueBlueTerrier »

https://www.newsbtc.com/news/bitcoin/u- ... -purchase/

Bitcoin adoption is indeed ramping up in recent months. From retail outlets announcing users can checkout using their bitcoins to El Salvador officially accepting bitcoin as a legal tender, there is no doubt that bitcoin is headed for mainstream adoption. Coming hot on the heels of recent news of adoption is a peculiar situation with the U.K. Post Office.

A report from The Telegraph said that the Post Office was allowing the purchase of bitcoin through a new partnership. Swarm Markets, a German-based and regulated crypto exchange, entered into this partnership with the U.K. Post Office. It will allow users that have verified their identities through the Post Office EasyID app to directly access and purchase cryptocurrencies from Swarm’s websites.

Users will be able to purchase cryptocurrency vouchers with just a few clicks, which they can then go on to redeem for cryptos like Bitcoin. This has worried financial markets experts, who have warned that cryptocurrencies are very risky to invest in. Thus, users should be presented with a clear and concise warning when they are purchasing them. Concerns were also raised about associating assets as volatile as cryptocurrencies with the Post Office.

“When people buy cryptocurrencies, they should be sold with a very clear wealth warning: that you could get back a lot less than you purchased. It’s one thing buying crypto online via an investment platform, as that’s what the audience expects, but you don’t associate this with the Post Office.” – Warren Shute, Chartered Financial Planner

Swarm Markets believes that this partnership will make it easier for people to get started in crypto. “By making it easy and safe to buy real Bitcoin and Ethereum, more people now have the option to get started in crypto,” said Phillip Pieper, Co-Founder of Swarm Markets.

Buying Bitcoin In The U.K.

Just like any other region, there are numerous ways available for residents to purchase Bitcoin in the U.K. Exchanges like Binance, Coinbase, and Gemini are already operating and offering these services to U.K. residents, along with a host of other crypto exchanges.

Last month, payments giant PayPal announced that it was now expanding its crypto options to U.K. citizens. Users are not able to buy, sell, and store Bitcoin and other cryptocurrencies in their PayPal accounts. Although the ‘Checkout with Crypto’ feature which was made available to U.S. users was not included in this rollout. Nevertheless, this presented a new way for customers to get exposure to crypto. With PayPal allowing users to purchase as low as £1 worth of crypto.


Speaking on the partnership with Swarm Markets, a spokesperson for the U.K. Post Office said, “Access to products and services are increasingly moving online and we’ve responded to this shift by launching our free-to-use app, Post Office EasyID. Allowing people to build their own secure digital identity on their smartphone and enabling them to easily control and prove who they are to whichever business they want to interact with.”

The U.K. Post Office will not receive a commission on the bitcoin and crypto bought through the EasyID app on Swarm Markets. But Swarm Markets is paying the Post Office for the usage of its ID verification software.
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TrueBlueTerrier
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Re: U.K. Post Office Now Allows Users Purchase Bitcoin Through Its App

Post by TrueBlueTerrier »

No, The UK Post Office Hasn't Started Selling Cryptocurrency

https://www.gfinityesports.com/cryptocu ... oin-swarm/

Over the weekend, excitement grew in the UK crypto community following a story that suggested the Post Office offers its users the chance to purchase cryptocurrency.

Such a move could be the next step for larger, mainstream cryptocurrency adoption in Britain, where cryptocurrency is currently unregulated.

However, just how accurate are these sentiments?

The Post Office will not let users buy the likes of bitcoin and Ethereum from them directly. Instead, the institution has agreed a deal with Swarm Markets that grants the DeFi exchange the use of EasyID – an identity verification app created by the Post Office.

It is through Swarm that users will then be able to buy cryptocurrency-related assets. As The Telegraph states, the Post Office and Yoti – the company behind EasyID – will receive payment for the identity software, and do not take any commission on cryptocurrency.

From this, it appears the Post Office’s role in cryptocurrency is limited to offering KYC software to a third-party exchange.

KYC, or Know Your Customer, is a tool used by financial institutions to verify their user’s identities. In order to comply with regulators, various exchanges such as Binance have made KYC mandatory for its users.

Indeed, a Post Office statement made no reference to selling cryptocurrency, instead focusing on the EasyID aspects. A spokesperson told The Telegraph:

Access to products and services are increasingly moving online and we’ve responded to this shift by launching our free-to-use app, Post Office EasyID, allowing people to build their own secure digital identity on their smartphone and enabling them to easily control and prove who they are to whichever business they want to interact with.

This has not stopped both crypto enthusiasts and sceptics from highlighting the significance of a state-owned institution moving into crypto.

Commenting on the r/CryptoCurrency subreddit, one user said: “Good sign when governmental organizations support it.”

Other hodlers on the subreddit and on Twitter celebrated the alleged mainstream adoption, describing the move as ‘bullish’.

Alternatively, politicians from both the Labour Party and Conservative Party expressed to The Telegraph their concerns about the news. Labour MP Dame Angela Eagle said the Post Office is “risking their own brand for something which is unregulated and giving it legitimacy and credibility.”

Despite these comments, it seems we’re a long way from seeing bitcoin listed at the Post Office’s Bureau de Change.
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