U.K. Post Office Now Allows Users Purchase Bitcoin Through Its App

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?

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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

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com

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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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World’s First Regulated DeFi Firm Readies DEX Launch

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Swarm Markets has obtained a license from German financial regulator BaFin. 

Swarm Markets Prepares to Launch

Swarm Markets, which claims to be the world’s first fully regulated DeFi protocol, has started onboarding capital to its launch liquidity program, the company announced Thursday. 

Swarm Markets provides the first fully-licensed DeFi protocol, consisting of an automated market maker (AMM) and decentralized exchange (DEX) on the Ethereum blockchain.

Swarm Markets has obtained several regulatory licenses to comply with German financial law. Most notably, the company holds a crypto custody license issued by the regulatory authority BaFin. Swarm Markets is not the first company to obtain such a license. Last week, Coinbase made headlines when it was approved by German regulators. 

The legal clarity on crypto assets is precisely why the company’s co-founders Philipp Pieper and Timo Lehes say they moved from the U.S to Germany. Commenting on the emergence of DeFi, Pieper said: 

“It became evident that DeFi was not just a gimmicky play for crypto insiders, and there was real novelty in shared liquidity and protocol-based lending. It gained more credibility with institutions by the month, and regulators also saw it as a winning proposition.”

All liquidity providers on Swarm Markets will need to meet know-your-customer (KYC) requirements to comply with the new regulation. 

Despite the regulatory go-ahead, the company is still cautious. At first, it will only offer pools for major tokens such as Bitcoin, Ethereum, and DAI. 

However, the company has a much grander vision for the future. The end goal for Swarm is to combine traditional financial assets with the power of DeFi applications. Doing so would allow for gold NFTs or gold/BTC trading pairs in a unified market structure. 

Disclosure: At the time of writing, the author of this feature owned BTC and ETH. 

This news was brought to you by ANKR, our preferred DeFi Partner.

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