Austria Brings Crypto to the Masses: Bitcoin, Ethereum, XRP, IOTA, Bitcoin Cash, Litecoin, and Komodo
If you live in Austria, you can buy Bitcoin, Ethereum, Litecoin, IOTA, Ripple, Dash, Komodo and Bitcoin Cash at over 400 post office branches across the country. Another 1,300 post partners are also selling cryptocurrencies through a new initiative by Vienna-based Bitpanda, one of Europe’s leading retail exchanges for buying and selling cryptocurrencies.
Bitpanda To Go allows customers to enter their postal codes to find the nearest branch. There are over 240 locations in Vienna alone and 176 locations in Linz. Purchases are in three denominations: 50€, 100€ and 500€.
Customers just need an email address to buy their preferred cryptocurrency with cash at any post office branch in Austria. The cryptocurrency is then sent directly to an integrated wallet.
The Austrian Post is focusing on expanding financial services for its customers to remain relevant and maintain strong earnings. The move is also positioning cryptocurrencies for mainstream adoption.
The Austrian Post has developed a “close-knit network of postal service points” that have created a competitive advantage at a time when post offices are looking to expand into other verticals. Its primary objective is to respond to customer needs with relevant products and services. The company, which posted a 2.3% increase for 2017 over the previous year, forecasts a continued 5% annual decline in addressed letter mail volumes, while double-digit growth rates are expected in the Austrian parcel market – thanks to the e-commerce boom.
Meanwhile, the US Postal Service reported revenue of $69.6 billion for fiscal year 2017 (October 1, 2016 – September 30, 2017), a decrease of $1.8 billion compared to the prior year. The company reports that the lower revenues were largely driven by accelerated declines in first-class and marketing mail volumes.