UK Post Office's ID App to Enable Crypto Purchases

U.K-based users of the Post Office’s EasyID identity-verification app will be able to buy cryptocurrencies such as bitcoin using a voucher system from Swarm Markets, a cryptocurrency exchange claiming to be the world’s first regulated decentralized finance (DeFi) protocol.  

Starting next week, the vouchers purchased can be redeemed for bitcoin or ethereum on Swarm’s platform, news outlets reported Friday (Sept. 10).  

Philipp Pieper, co-founder of Swarm Markets, said the lack of a secure and regulated platform had prevented people from accessing DeFi, but “by making it easy and safe to buy real Bitcoin and Ethereum, more people now have the option to get started in crypto and enjoy the benefits of DeFi – and not just those who understand crypto jargon.”

A spokesperson for the Post Office added that “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.”

Read more: Digital IDs Find New Use Cases And Unexpected Advocacy From UK Postal Service 

The EasyID identity-verification service was introduced by the U.K. Post Office in August to tackle ID fraud and make it easier for users to access services on other platforms. According to the agency, the app can verify government issued photo ID documents from over 200 countries, and its moving hologram prevents screenshots, limiting fake IDs and fraud.

The integration with Swarm Markets is not only targeted at the purchase of crypto, but it is meant to expose more users to DeFi through Swarm’s yield farming offering, which involves lending cryptocurrency to earn interest and fees.