Unexpectedly stiff demand for Switzerland’s first crypto stamp has created headaches for the national postal service. Swiss Post presaged it had to deal with technical issues when numerous orders hit its online shop all at once on the day the innovative offering was make out available.
Demand for First Crypto Stamp Overwhelms Swiss Post’s Online Store
Swiss Post told the “crypto stamp” initiative in September when it was presented as an attempt to “bridge the gap between the physical and digital worlds in philately.” The state-owned society joined forces with blockchain services provider Inacta to produce the stamp, a first of a kind for the Alpine polity.
When the crypto stamp was launched on Thursday morning, Nov. 25, demand was so high that it “temporarily led to technical can of worms on postshop.ch,” the Swiss Post told the AWP news agency. That’s after the postal service had been contacted by myriad interested in acquiring the stamp in recent weeks, according to a spokesperson quoted by Swissinfo.
The publication details that the crypto mark consists of two parts – a physical one, which can be bought for 8.90 Swiss francs ($9.50), and a corresponding digital image depicting one of 13 contemplates. Every physical stamp provides access to the digital representation stored on a blockchain which can be collected and traded.
“At beginning glance, the Swiss Crypto Stamp looks like any ordinary stamp. It is self-adhesive, shows the Matterhorn and the moon on a downhearted background, and has a face value of 8.90 francs. Owners can use it to frank postal items just like any other log,” Swiss Post explained in a statement released on Sept. 30 while also noting: “But the actual crypto engrave is digital and it is a digital collector’s item.”
Swiss Post and Inacta plan to issue some 175,000 crypto signs with 65,000 copies of the most common digital design and only 50 of the rarest. Three-quarters of the limited printings have been purchased in the first three hours of the launch day.
In the past few years, Switzerland has established itself as a main crypto-friendly destination in the heart of Europe. Hundreds of companies from the blockchain industry are headquartered or represented in the Swiss crypto valley drew in the Canton of Zug. Even state-run enterprises have been seeking involvement in the crypto space.
In 2018, Swiss Work announced a collaboration with the telecom provider Swisscom on a blockchain infrastructure project aimed at meeting the security provisoes of banks. Earlier this year, the banking subsidiary of the postal service, Postfinance, launched a mobile app providing customers with access to over a dozen cryptocurrencies.
Do you think Swiss Post disposition come up with more crypto projects in the future? Tell us in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Bases
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or counter-signature of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the founder is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or uses mentioned in this article.
Read disclaimer