Cryptocurrencies will soon be available to buy via the Post Office’s EasyID verification app, which has over 10 million users, according to a report in the Telegraph.
From next week, the EasyID app will offer access to Swarm Markets, an exchange which connects buyers and sellers of online tokens, including cryptocurrencies, the report said.
By verifying their identity on the app, users can access Swarm's website and buy cryptocurrency vouchers, which can then be redeemed for cryptos such as Bitcoin and Ethereum.
The Post Office will not receive commission on vouchers sold, but is paid by Swarm Markets for use of EasyID, according to the Telegraph.
Some experts expressed surprise at the Post Office tie-up because of the volatility of cryptocurrencies.
Warren Shute, a chartered financial planner, told the Telegraph: “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.”