A post office in Vaduz, the capital of Liechtenstein, is now offering cryptocurrency exchange services for its customers. The first phase of the rollout, launched on February 15, allows people to buy Bitcoin at one Liechtenstein Post location. Phase two will involve more locations and four more leading cryptocurrencies.
According to the official announcement from Liechtenstein Post, which is comprised of nine locations,
“After an introductory phase, the offer will be extended to other post offices and extended by the exchange of additional cryptocurrencies. Then it will also be possible to change Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP).”
In addition to Binance LCX which launched last August, the new postal service is another crypto-to-fiat onramp that’s positioning the principality of 37,877 residents for mainstream adoption of digital assets, allowing people to buy Bitcoin and popular cryptocurrencies during the normal course of their day.
It also gives the post office another potential source of revenue.
“In search of new business opportunities, Liechtenstein Post AG has decided to offer a new exchange of cryptocurrencies in its post offices. Basically, nothing is different from the conventional money exchange business, which has always been part of Swiss Post’s service offering.”
To power the crypto transactions, Liechtenstein Post has partnered with Zug-based Värdex Suisse, one of the largest blockchain payment service providers in Switzerland. Customers who make a crypto purchase receive a physical paper wallet to access their digital funds.
An overview of post office statistics in the US, where cryptocurrencies are not currently offered or supported, reveals that mail volumes have been steadily declining as data has become increasingly digitized and distributed via the internet.
US first-class mail volumes plunged to 56.7 billion pieces of mail in 2018, down from 77.6 billion pieces in 2010.
US Postal Service Statistics
Austria introduced cryptocurrencies to the masses last July when its postal service partnered with Bitpanda, allowing customers to buy Bitcoin, Ethereum, Litecoin, IOTA, Ripple, Dash, Komodo and Bitcoin Cash at hundreds of post office branches across the country.
USPS has not released any plans to sell cryptocurrencies at its physical locations.