U.K. Post Office Now Allows Users Purchase Bitcoin Through Its App
September 10 2021 - 6:00PM
NEWSBTC
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. Related Reading | As
Crypto Market Goes Into “Extreme Greed,” Is Bitcoin Set For New
All-Time High? 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 BTC trading north of $45K | Source:
BTCUSD on TradingView.com 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. Related Reading
| The September Curse And How It’s Preparing Bitcoin For
Another Rally 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. Featured image from eSeller365, chart from
TradingView.com
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