UK Post Office now allows customers to buy Bitcoin through its app
Customers of the UK Post Office can now make in-app Bitcoin purchases following a partnership with German-based crypto exchange Swarm Markets.
The partnership 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 can gain access by buying crypto vouchers that can be redeemed for digital currencies like Bitcoin.
A few financial markets experts have expressed their concerns over the volatile nature of digital currencies. Some suggested that users should be presented with a thorough warning before they gain exposure to virtual assets. Warren Shute, Chartered Financial Planner noted:
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.
On the flip side, co-Founder of Swarm Markets Phillip Pieper believes that the partnership will make it easier for people to purchase cryptocurrencies. He said:
By making it easy and safe to buy real Bitcoin and Ethereum, more people now have the option to get started in crypto.
Commenting on the partnership, a spokesperson for the UK 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 Smartphones and enabling them to easily control and prove who they are to whichever business they want to interact with.
The UK Post Office is not entitled to any commission on the Bitcoin and crypto purchases through the EasyID app on Swarm Markets. However, Swarm Markets is paying the Post Office for utilizing its ID verification software.
There are numerous other ways customers can access cryptocurrencies. In the UK, Exchanges like Binance, Coinbase, and Gemini are already offering these services to residents. Last month, PayPal expanded its cryptocurrency services to UK citizens, less than a year after introducing the feature that allows US residents to buy Bitcoin and other cryptocurrencies on its platform.
