Switzerland is a country that is known for its banking, security, and privacy. Therefore, it makes sense that the country is also a leading nation in the crypto space. On November 25, Switzerland's postal service, Swiss Post launched the country's first crypto stamp: Swiss Crypto Stamp. Let’s find out what is the Swiss Crypto and the crash it caused.
What is the Swiss Crypto Stamp?
In brief, the Swiss Crypto Stamp is an ordinary stamp with a digital image. According to the Swiss Post, the crypto stamp was introduced "to bridge the gap between the physical world of stamps and the digital crypto-universe".
The crypto stamp consists of two parts: a physical stamp worth 8.90 francs, and an associated digital image. This digital image represents one of 13 possible designs, which is stored on a blockchain. Some designs are more common, while others are much rarer. There are 65,000 copies of the most common digital design, but just 50 of the rarest, according to the postal service.
When purchasing a Swiss Crypto Stamp, buyers don’t know which digital design is linked to it. They only find out the digital design of the stamp when they go online. This is done by scanning the QR code printed next to the stamp. It allows buyers to access their digital version of the stamp online. They can then be collected, traded or exchanged online like non-fungible tokens (NFTs) and other digital collectibles.
What is the Crypto Stamp Crash?
When the crypto stamp was launched, demand was so high that the post office server was overwhelmed. The online shop website of the post office, postshop.ch, crashed due to the enormous traffic load.
A spokesman for Swiss Post told the swissinfo.ch news that they didn't expect demand to be so high on the first day. Indeed, it was a surprise for everyone involved in the project.
Currently, the website is up and running again and there are no technical problems. However, the 175,000 Swiss Crypto Stamps are sold out already.