Crypto stamp demand brings down Swiss Post online store

Mon 29 Nov 2021 ▪ 11h32 ▪ 3 min read — by Susan McCormack

The National Postal Service of Switzerland (Swiss Post) reported that its official website had crashed under the influx of customers willing to purchase crypto stamps.

The first ever crypto stamp

Swiss Post website went off on the crypto stamp launch day, 25th November. It was the high demand for crypto stamp that had “temporarily led to technical problems on the resource.”

Three-quarters of the limited-edition crypto stamps issued were purchased in the first three hours after the launch.

The National Postal Service of Switzerland explained that the crypto stamp consists of two parts — a physical one, which can be bought for 8.9 Swiss francs (£7.21), and a digital analogue depicting one of the 13 designs of the stamp. Each physical stamp provides access to its digital double, which is placed on a blockchain and can be collected, exchanged and sold.

“At first glance, the Swiss Crypto Stamp looks like any ordinary stamp. It is self-adhesive, shows the Matterhorn and the moon on a blue background, and has a face value of 8.90 francs (£7.21). Owners can use it to frank postal items just like any other stamp. But the actual crypto stamp is digital and it is a digital collector’s item,” Swiss Post representatives stated.

Swiss Post and Inacta plan to issue about 175,000 crypto stamps, with 65,000 having a widespread digital design and 50 stamps being of the rarest design.

Switzerland: the crypto world capital

Switzerland has become the most popular jurisdiction for businesses focused on blockchain technology. Such popularity is promoted by progressive legislation, relatively low tax rates, developed banking infrastructure, a high level of confidentiality and, finally, the status of a pioneer country supporting the crypto industry.

Back in 2018, Swiss Post announced that it had teamed up with the telecom provider Swisscom to work on blockchain infrastructure project aimed at meeting the banks’ security requirements.

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Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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