Post offices in Austria are offering bitcoin, Ethereum, Litecoin and Dash in exchange for cash through “bitpanda to go,” a startup that focuses on making the purchase of cryptocurrencies easy. Users can purchase 50 €, 100 € or 500€ worth of cryptocurrency from the Osterreichische Post branches.
The 1,800 post branches provide cryptocurrency purchasers a receipt that can be entered on bitpanda.com/togo. The website also posts the current exchange rate for the respective currency. There are no additional fees.
Users need a valid email address to set up an account. They select which cryptocurrency they want to purchase and enter a code. The selected amount is then transferred to the user’s wallet.
Bitpanda, formerly known as Coinimal, seeks to provide fair prices for offline purchases of cryptocurrencies. The Österreichische Post AG allows bitpanda to offer the digital assets at cost. Hence, the fee structure by offline purchases via cash matches “online” options. This provides cryptocurrencies a more acceptable image in the minds of those who view Internet commerce less favorably.
Bitpanda was founded as Coinimal in October 2014 by bitcoin enthusiasts who had experienced how hard it was to acquire bitcoin in the European Union. This deficiency in the market led to the idea of Coinimal.
Last year, Coinimal introduced a “sell” feature to enable users to convert ETH back to fiat as an easy way to buy and sell Ethereum using a bank account. The process of buying and selling ETH can otherwise be time-consuming since most exchanges are either U.S.-based or primarily offer ETH-to-BTC trading. There are nine funding options and withdrawals using PayPal, NETELLER, Skrill or SEPA transfer.
Coinimal rebranded as bitpanda in 2016 and introduced its own bitcoin wallet. Last month, bitpanda built an Ethereum wallet into its platform. It has also added Litecoin and Dash.
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