Business

Dennis Wafula

Croatian post office launches crypto to fiat exchange

The Croatian Post has partnered up with the blockchain-based company Electrocoin to run a pilot program allowing crypto users within the city of Zadar to exchange crypto to fiat.

According to their website, this partnership will see crypto users convert many cryptocurrencies including SegWitcoin (BTC), Ethereum (ETH), Stellar (XLM), Ripple (XRP) and EOS. At the moment, the companies are offering the service in three post offices to gauge the market. The services are available to both locals and foreigners as of July 15.

The exchange process can be done in three simple steps. First, users will have to give the amount of cryptocurrency they would like to exchange. Once they provide all the required information, an official at the post office will then make the application to have the crypto converted. After the application is successfully made, a QR code will then be printed. This code will finally be scanned, and users will then receive their fiat currency.

Reportedly, the Croatian Post’s new venture is aimed at increasing digitalization in the country. The companies hope that this transformation will be realized once the project has been successfully implemented in all the 1,016 postal offices found around Croatia. The companies stated:

Over the past few years, cryptovaluits have become more and more users, and Croatia will, with its network of 1016 postal offices, surely contribute to their popularity. Digitalization is one of the Croatian postal development strategies and a driver of numerous business projects. Entering the Digital Currency Market Croatian Post confirms its position as one of the leaders in digital transformation.

A member of BitcoinTalk had this to say concerning this development:

Can you believe it? We, the Croatian Bitcoin community, are shocked with this information and we did not expect this. It’s a great step for bitcoin acceptance in Croatia. So, what are you waiting for, come to Croatia and spend your bitcoin and other cryptos here.

Electrocoin, the Croatian Post’s partner, has been running a crypto brokerage for five years. According to their website, their services are available throughout the European Union.

The Croatian Post is following the footsteps by Liechtensteinische Post AG who began allowing customers to buy crypto through its offices. Liechtensteinische Post AG started to offer these services earlier this year in February.

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