Liechtensteinische Post Starts Offering Crypto Exchange Services
The official postal service of Liechtenstein, Liechtensteinische Post AG, intends to offer a facility to exchange cryptocurrencies in selected branches. Starting today, using the service, clients will be able to exchange their fiat to Bitcoin (BTC) in any of the branches in Vaduz, the capital of Liechtenstein. Following the purchase of BTC, clients will be provided with a physical wallet, including public and private keys.
Liechtensteinische Post AG aims to extend the service to other post offices across the country. The postal service also wants to offer support to other coins such as Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP).
To provide the aforementioned service, Liechtenstein’s post has joined hands with Swiss based regulated payment processor, Värdex Suisse AG, a blockchain startup. The official announcement also notes that crypto exchange services are similar to traditional money conversion facilities.
Liechtenstein being a country with high level of crypto adoption, in addition to Switzerland, brought out crypto legislation in the beginning of 2018 when Prime Minister Adrian Hasler revealed that his government intends to regulate underlying blockchain systems and business models.
Despite the extended bearish crypto market, the number of blockchain startups in both Liechtenstein and Switzerland continues to increase steadily. By the end of December 2018, 750 blockchain startups were operating in both countries put together. That represents a 20% y-o-y increase from last year. Notably, the top 50 cryptocurrency firms located in the Swiss Crypto Valley constitute 20% of the crypto market worldwide, according to crypto investment firm CV VC.