Encrypted stamps crashed Swiss Post’s online store due to release day demand – Bitcoin News

Encrypted stamps crashed Swiss Post’s online store due to release day demand – Bitcoin News



The unexpectedly high demand for Switzerland’s first encrypted stamp has caused a headache for the State Post Office. Swiss Post announced that it had to deal with technical issues because its online store received a large number of orders at the same time on the same day that it offered innovative products.

Demand for the first encrypted stamp overwhelmed Swiss Post’s online store

Swiss Post announced the “Encrypted Stamps” project in September, which was designed to “bridging the gap between the physical and digital worlds of philately.” This state-owned company has teamed up with blockchain service provider Inacta to produce this stamp, which is the first of its kind in Alpine countries.

Swiss Post told AWP news agency that when the encrypted stamp was launched on the morning of Thursday, November 25, the demand was so high that it “temporarily caused technical problems with postshop.ch”. According to a spokesperson quoted by Swissinfo, this is after many people interested in buying stamps contacted the postal service in recent weeks.

Encrypted stamps crashed Swiss Post's online store due to release day demand

The publication details that the encrypted stamp consists of two parts-a physical one, which can be purchased for 8.90 Swiss francs (9.50 USD), and a corresponding digital image describing one of the 13 designs. Each physical stamp has access to the digital representation stored on the blockchain, which can be collected and traded.

“At first glance, the Swiss encrypted stamp looks like any ordinary stamp. It is self-adhesive, with the Matterhorn and the moon on a blue background, and has a face value of 8.90 francs. The owner can use it like any other stamp. To deal frankly with postal items,” Swiss Post explained in a statement. statement It was released on September 30, and also stated: “But the actual encrypted stamp is digital, it is a digital collector’s item.”

Swiss Post and Inacta plan to issue approximately 175,000 encrypted stamps, including 65,000 of the most common digital designs and only 50 of the rarest digital designs. Three-quarters of the limited edition has been purchased within three hours of the launch date.

In the past few years, Switzerland has become a major crypto-friendly destination in the center of Europe.hundreds of company The headquarters or representative from the blockchain industry is located in the Swiss Crypto Valley in the canton of Zug. Even state-owned enterprises have been seeking to get involved in the cryptocurrency field.

In 2018, Swiss Post announced a partnership with telecommunications provider Swisscom to develop a blockchain infrastructure project aimed at meeting the security requirements of banks. Earlier this year, Postfinance, the banking subsidiary of the Postal Service, roll out A mobile application that provides customers with access to more than a dozen cryptocurrencies.

Tags in this story

Blockchain, Buyer, collect, collision, encryption, Encrypted stamp, Encrypted stamp, Crypto Valley, Cryptocurrency, Cryptocurrency, exchange, Fig, initiative, emission, Release date, Online store, online store, Postal service, project, Sales, stamp, stamp, Switzerland, Swiss Post, Switzerland, trading, Zug

Do you think Swiss Post will launch more encryption projects in the future? Tell us in the comments section below.

Image Source: Shutterstock, Pixabay, Wikimedia Commons

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