A password will be e-mailed to you.

UK Post Office’s ID App to Enable Crypto Purchases

Following cooperation with German-based crypto exchange Swarm Markets, customers of the UK Post Office may now buy Bitcoin in-app. Users who have verified their identities using the Post Office EasyID app will be able to access and purchase cryptocurrencies directly from Swarm’s websites. Users can acquire access by purchasing cryptocurrency vouchers that can be exchanged for digital currencies such as Bitcoin.

Image Source: city AM

The volatile nature of digital currencies has raised the concerns of a few financial industry specialists. Some people believe that before users are exposed to virtual assets, they should be given thorough notice. When consumers buy cryptocurrencies, they should be sold with a very explicit wealth warning: you could get back a lot less than you paid for them, according to Warren Shute, Chartered Financial Planner. It’s one thing to buy cryptocurrency on an investment platform since that’s what the public expects, but you don’t think of the Post Office when you think of cryptocurrency.

On the other hand, Phillip Pieper, co-founder of Swarm Markets, believes the alliance will make it easier for people to buy cryptocurrencies. He explained, “By making it simple and secure to acquire actual Bitcoin and Ethereum, more people will be able to get involved in crypto.”

The UK Post Office is not entitled to any commission on Bitcoin and cryptocurrency purchases made through the Swarm Markets EasyID app. Swarm Markets, on the other hand, is paying the Post Office to use its ID verification software. Customers can obtain cryptocurrency in a variety of ways. Residents in the United Kingdom can already use these services thanks to exchanges like Binance, Coinbase (NASDAQ: COIN), and Gemini. Less than a year after offering a function that lets US people buy Bitcoin and other cryptocurrencies on its platform, PayPal (NASDAQ: PYPL) recently expanded its cryptocurrency services to UK nationals.

Customers can obtain cryptocurrency in a variety of ways. Residents in the United Kingdom can already use these services thanks to exchanges like Binance, Coinbase, and Gemini. PayPal recently expanded its cryptocurrency services to UK residents, less than a year after launching a function that lets US people purchase Bitcoin and other cryptocurrencies on its platform.

The partnership with Swarm Markets isn’t only about buying crypto; it’s also about exposing more people to DeFi through Swarm’s yield farming service, which entails lending cryptocurrency in exchange for interest and fees.

If you find this article informative then do share it with your friends and family!

Also read: Cardano launches smart contracts after the successful hard fork

Comments

comments

No more articles
Send this to a friend