The Post Office’s identity app can now be used by customers to sign up to a cryptocurrency trading platform where they can buy Bitcoin and other digital assets.
The EasyID app is designed to be a safe way for users to prove their identity and age, both in person and on the web.
Now, Post Office customers can use the service to sign up for the Swam Markets cryptocurrency exchange and trading platform.
Post Office customers can’t buy crypto directly through EasyID, but they are able to purchase cryptocurrency vouchers which they can them redeem for coins such as Bitcoin and Ethereum.
According to crypto news website Decrypt, the Post Office does not receive a commission on the vouchers sold or any purchases made through Swarm.
‘Easy and safe’ way to buy crypto
A Swam Markets spokesman told This is Money: “By making it easy and safe to buy real Bitcoin and Ethereum, more people now have the option to get started in crypto.”
By partnering with a cryptocurrency service, the Post Office’s move could be seen as further legitimising the digital asset market, which is still largely unregulated.
According to a report in The Telegraph, several UK politicians are unhappy with the new partnership.
Labour MP Angela Eagle said the Post Office was “running a huge risk of damaging a trusted brand”, while Conservative Party member Nicky Morgan described it as a “very odd thing” for the Government-owned company to get involved in.
Other commentators, however, see it as a natural evolution as cryptocurrency becomes more mainstream and adoption increases.
The move comes after payments giant PayPal added a new feature to its app and website allowing UK customers to buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin after a successful trial in the US.
Adam is the founder of The Crypto Adviser which offers experts guides and reviews on all things related to Bitcoin and cryptocurrency.
Adam is Diploma for Financial Advisers (DipFA) Level 4 qualified, a Member of the London Institute of Banking and Finance (MLIBF), and has worked for many years as a journalist and PR consultant, having studied with the National Council for the Training of Journalists (NCTJ).