Switzerland Makes Breakthrough By Approving Its First Stamp NFT & Crypto Investment
The Swiss national postal office is trying to bridge the gap between physical stamps and the digital cryptocurrency industry by introducing tradable digital stamps.
The Swiss Post said the digital ‘Swiss crypto stamp’ collectable linked to a genuine stamp issued by the postal service and valued at 8.9 Swiss francs (around £7 each) would be available soon.
The Swiss crypto stamp will function as a digital counterpart of the physical stamp and will be stored on a distributed ledger technology. Each design will become an NFT which is subsequently stored on the Polygon Blockchain.
Special Benefits & Privileges For Swiss Stamp NFT Buyers
- Buyers will be able to locate a digital twin of their physical stamp online.
- They may download it to their computer by scanning a QR code printed adjacent to the actual stamp.
- Furthermore, customers will be able to exchange or sell their crypto stamps on NFT platforms such as OpenSea.
Some digital stamps will be more common than others, which will be much rarer and more sought-after. The most common digital design is available in 65,000 copies, while just 50 copies of the rarest design are accessible for purchase.
But one thing is certain: the launch of the Swiss crypto stamp means that “collecting, exchanging, and trading stamps has also gone digital.”
Similarly, in May 2020, the Austrian Post incorporated NFC chips into its Crypto Stamp 3.0, the third iteration of its limited-edition, NFT postage stamp, collectable series.
Meanwhile, Swiss Authority Gives Greenlight To Legit Crypto Investment
After careful consideration of its capacity to allow substantial innovation in a constantly technology-neutral way, the Swiss Financial Market Supervisory Authority (FINMA) has formally authorised the Crypto Market Index Fund, the country’s first investment fund of its kind.
Moreover, FINMA has also granted SEBA Bank the status of institutional-grade “custodian bank for Swiss collective investment schemes,” enabling the bank’s digital assets business to function.
This was only a few days after China’s crackdown on its cryptocurrency businesses with the justification that it is a threat to their economic stability.
SEBA Bank CEO Guido Buehler said that the new licence would enable Swiss mutual funds to offer investors with direct, liquid exposure to cryptocurrencies, something they were previously unable to do, given the strict requirements imposed on fund managers to supervise custody solutions.
“The people prefer to invest via an index fund which has a higher degree of security and regulation than an individual fund,” he continued.
Institutional investors have shown interest in cryptocurrency investments, but there has been no custodial bank alternative available until lately. As a consequence of filling this previously unmet gap, demand for such investment funds should skyrocket in the near future.
We Want To Hear From You
Are you excited about this development? Share your thoughts with us in the comments below.