The U.K. Post Office has announced it will offer BTC and other cryptocurrencies via its EasyID app starting next week. The mobile app typically serves as a means for users to verify their age and identity while accessing online services.
Opening Up DeFi to More Folks
Now, U.K residents will be able to purchase crypto vouchers via the app on Swarm Markets, a unified exchange for crypto and securities. The vouchers can then be redeemed for BTC or ETH.
The U.K. post office has shown its commitment to shift most of its offerings online by launching crypto services on its free app.
A spokesman from the corporation hailed EasyID as a tool that allows anyone to create a secure digital identity via their mobile device. He explained that after using the EasyID app to verify their identity, users could access the Swarm Markets website and procure crypto vouchers.
Philipp Pieper, the co-founder of Swarm Markets, sees the development as a significant step toward opening the booming DeFi sector to more users. He added that the partnership would allow ordinary folks to purchase real ETH and BTC.
“Until now, people have been locked out of DeFi because there hasn’t been a secure, trusted and regulated platform for them to use. More people now have the option to get started in crypto and enjoy the benefits of DeFi,” Pieper noted.
Swarm Markets touts itself as the world’s first regulated DeFi protocol with a license from BaFin, Germany’s top financial regulator. The platform’s collaboration with the U.K. postal service allows it to reach over 10 million users on the EasyID app.
Shortly after the news broke on the Telegraph, Swarm Coin (SWM), the native token of the exchange, pumped over 4% in hours.
Post Office Tie-up With Crypto Raises Eyebrows
According to chartered financial strategist Warren Shute, the move by the Post Office to facilitate crypto purchases is odd, given the market’s extreme volatility. He argued that most people don’t associate the Post Office with crypto, adding that buying digital currencies can be very risky.
Nonetheless, the mailing services provider acknowledges that access to products and services is quickly moving online and has thus adjusted accordingly. The corporation believes that EasyID allows people to easily prove their identity to any company or institution they wish to interact with.
The Post Office will reportedly receive payments from Swarm Markets for EasyID use. However, it will not receive any commission on the crypto vouchers.
Great Week for BTC Adoption
The new partnership in the U.K. comes just days after El Salvador officially adopted BTC as legal tender. Most crypto proponents saw the implementation of the bitcoin law as a massive step towards widespread adoption.