Cryptocurrency, Featured

Postal Services Join Over-The-Counter Services Like Crypto Exchanges

Liechtensteinsche Post AG, the country’s official postal service, is going to launch crypto exchange services just like the digital currency exchange offer. The postal service will allow the customer to exchange their fiat to Bitcoin in one of the offices located in Vaduz. After the purchase, the customer will receive a physical wallet comprising of the public and private key for the activation of the crypto box on the network.

The services are planned to be extended to the other post offices in the country. Also, the postal service wants to add support for other coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH). Basically, nothing different from conventional money exchange business, which has always been part of the postal service, is being offered with this new phase.

To bring the service on the platform, Liechtenstein’s post partnered with Vardex Suisse AG. It is the largest Blockchain Payment Service Provider for the development and operation of Enterprise POS Blockchain solutions in Switzerland. It is also a member of the Association for Quality Assurance of Financial Services (VQF) and part of the Crypto Valley, as published on Liechtensteinische Post official website.

Switzerland and Liechtenstein are the two countries that have the highest level of crypto adoption in the world. According to Cointelegraph, Liechtenstein introduced its crypto regulation after the prime minister Adrian Hasler announced that the country will regulate blockchain business models and underlying blockchain systems. The number of crypto startups has been steadily growing despite the bear market.

To attract more business in the bear market, crypto exchanges have already brought in over-the-counter trading for engaging large-volume trades. This helps them to conduct direct trade between each other unlike trading through an exchange itself, as mentioned on Cointelegraph.

Bithumb officially launched an over-the-counter trading desk under the Ortus brand, which specialized in services for institutional investors. Ortus will help these investors to monitor fund transfers and access to an OTC trading desk.

The other crypto exchanges like US-based Coinbase launched their OTC platform, whereas Bittrex has revealed its plan to launch an OTC trading desk.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Aabha Singh finds time from her hectic editorial schedule to write finance articles.

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