Crypto stamp crashes Swiss Post online shop with demand on launch day –

The unexpectedly high demand for Switzerland's first crypto stamp is causing a headache for the national postal service. The post office announced technical problems when numerous orders arrived in its online shop at once on the day the innovative offer was made available.

Demand for the first crypto stamp overwhelms the Swiss Post online shop

The Postal Service announced the “crypto stamp” initiative in September, presenting it as an attempt to “bridge the gap between the physical and digital worlds in philately.” The state-owned company has teamed up with blockchain service provider Inacta to produce the stamp, which is unique to the Alpine nation.

When the crypto stamp was launched on Thursday morning, November 25th, demand was so great that it "temporarily led to technical problems on postshop.ch," the Swiss Post told the AWP news agency. This is after the post office had been contacted by many people interested in the stamp in recent weeks, a spokesperson quoted by Swissinfo said.

The publication states that the crypto stamp consists of two parts – a physical one that can be purchased for 8.90 Swiss francs ($9.50) and a corresponding digital image depicting one of 13 designs. Each physical stamp provides access to the digital representation stored on a blockchain, which can be collected and traded.

"At first glance, the Swiss Crypto Stamp looks like any ordinary postage stamp. It is self-adhesive, shows the Matterhorn and the moon on a blue background and has a face value of 8.90 francs. Owners can use it to frank mail like any other stamp," explains the post office in a opinion published on September 30th, while also stating: “But the actual crypto stamp is digital and it is a digital collectible.”

The Post and Inacta plan to issue around 175,000 crypto stamps with 65,000 copies of the most common digital designs and only 50 of the rarest. Three quarters of the limited editions were purchased in 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 Pursue from the blockchain industry have their headquarters or are represented in the Swiss Crypto Valley based in the canton of Zug. Even state-owned companies have sought involvement in the crypto space.

In 2018, the postal service announced a collaboration with the telecommunications provider Swisscom on a blockchain infrastructure project designed to meet the security requirements of banks. At the beginning of the year, the Swiss Post's banking subsidiary, Postfinance, started a mobile app that offers customers access to over a dozen cryptocurrencies.

Do you think the Post will come up with more crypto projects in the future? Tell us in the comments section below.

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