The surprisingly high demand for Switzerland’s first crypto stamp created headaches for the national postal service. The Swiss Post announced that it had to face technical problems when many orders arrived at the same time on its online store on the day the innovative offer was made available.
Demand for first encrypted stamp overwhelms Swiss Post online store
Swiss Post announced the “cryptographic stamp” initiative in September when it was touted as an attempt to “bridge the gap between the physical and digital worlds in philately”. The state-owned company has partnered with blockchain service provider Inacta to produce the stamp, a first of its kind for the Alpine nation.
When the crypto stamp was launched on Thursday morning, November 25, demand was so strong that it “temporarily led to technical issues at postshop.ch,” Swiss Post told news agency AWP. This is after the postal service was contacted by many people interested in acquiring the stamp in recent weeks, according to a spokesperson quoted by Swissinfo.
The publication clarifies that the crypto stamp consists of two parts – a physical one, which can be purchased for 8.90 Swiss francs ($ 9.50), and a corresponding digital image depicting one of the 13 patterns. Each physical stamp gives access to the digital representation stored on a blockchain that can be collected and exchanged.
“At first glance, the Swiss Crypto Stamp looks like any ordinary stamp. It is self-adhesive, represents the Matterhorn and the moon on a blue background, and has a face value of 8.90 francs. Owners can use it to frank postal items like any other stamp, “Swiss Post explained in a statement released on September 30, noting,” But the real cryptographic stamp is digital and it is an object. of digital collection.
Swiss Post and Inacta plan to issue some 175,000 cryptographic stamps with 65,000 copies of the most common digital design and only 50 of the rarest. Three-quarters of the limited editions were purchased within the first three hours of launch day.
In recent years, Switzerland has established itself as a major crypto-friendly destination in the heart of Europe. Hundreds of companies in the blockchain industry are headquartered or represented in the Swiss Crypto Valley based in the Canton of Zug. Even state-owned companies have sought to get involved in the crypto space.
In 2018, Swiss Post announced a collaboration with telecommunications provider Swisscom on a blockchain infrastructure project aimed at meeting the security requirements of banks. Earlier this year, the postal service’s banking subsidiary, Postfinance, launched a mobile app that gives customers access to more than a dozen cryptocurrencies.
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