U.K. Post Office Introduces Bitcoin Purchases for Its Customers Via Its App

On 10th Sep, reports floated that say the U.K. Post Office will allow the acquisition of cryptocurrencies through a new partnership with Swarm Markets. It is a Germany based regulated crypto exchange, which claims to be the world's first regulated decentralized finance (DeFi) protocol.

From the subsequent week, consumers using The Post Office's 'EasyID' app will be able to buy vouchers that can be redeemed for cryptocurrencies such as Bitcoin or Ethereum. This mobile application helps users securely verify their age and identity to gain access to online services.

A spokesperson for The P.O cited, "access to products and services are increasingly moving online, and we've responded to this shift by launching our free to use the 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."

On the flip side, several financial business experts have displayed their anxieties due to the volatile nature of relatively newfound cryptocurrency. A few critics suggested that crypto consumers should be presented with an absolute warning before they gain exposure to virtual assets. Sometimes returns can be a lot less of what one has invested, which contradicts other investments in the post office.

Philipp Pieper, the co-founder of Swarm Markets, stated, "Until now, people have been locked out of DeFi because there hasn't been a secure, trusted and regulated platform for them to use." He continued, "By making it easy and safe to buy real Bitcoin and Ethereum, more people now have the option to get started in crypto and enjoy the benefits of DeFi – and not just those who understand crypto jargon."

There are several other direct competitors to the U.K. P.O. as numerous exchanges like Binance, Coinbase, and Gemini already offer similar services to U.K. residents. In Aug, PayPal extended its cryptocurrency services to U.K. citizens where customers can buy, sell, and store Bitcoin and other cryptocurrencies via the PayPal platform for as low as £1.

Furthermore, the U.K. P.O. is not authorized to charge any commission on the crypto purchases through the EasyID app on Swarm Markets. However, Swarm Markets is paying the Post Office for utilizing its I.D. verification software.

However, U.K politicians have disapproved the move. Speaking to The Telegraph Labour MP Angela Eagle said: “The Post Office is running a huge risk of completely damaging a trusted brand [for] something which is unregulated, and giving it legitimacy and credibility. I think they should stop it right away.”