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Telefonica, one of the world’s largest telecom companies, has closed an investment in the Spanish cryptocurrency exchange Bit2me. The company, which has been very active in the metaverse space, is entering the crypto payment arena by running a pilot to allow customers to make payments via online store Tu.com with an upper limit of $490.
Telefonica, the fourth largest telecom company in Europe, has decided to get into the cryptocurrency business. The company announced an investment in Bit2me, a Spain-based cryptocurrency exchange, which will give it access to the implementation of the technology stack of the organization. The investment, whose details and figures were not disclosed, is the company’s first move into the crypto space.
Unofficial sources revealed that this participation could be between $20 and $30 million, giving Telefonica a very important stake in Bit2me. This fund addition will support the exchange to continue operating during this downturn in the cryptocurrency market, where other exchanges have been forced to lay off staff and implement cost-cutting measures. Bit2me had just secured $2.5 million in funding from private investors prior to Telefonica’s investment.
One of the first actions Telefonica is taking after this investment is the implementation of a pilot program that will allow customers to pay with crypto on Telefonica’s online store, Tu.com. The company will accept cryptocurrency payments of up to $490 for tech hardware and phones as a way to gauge public interest in this payment option.
The company will use Bit2me’s technology as a way to receive cryptocurrency payments and exchange them for euros, which will be held by Telefonica; the company will not receive cryptocurrency in these transactions. However, this may change in the future. The digital unit director of Telefonica, Chema Alonso, declared that the company may accept crypto in the distant future.
The pilot will be limited to these payments in the online store, and no plans for a future expansion of this plan were revealed. The company had shown interest in the metaverse and NFT area in the past, and made various investments in these fields. Recently, the company established an alliance with Qualcomm to use its augmented reality technology to develop metaverse experiences for its customers. Telefonica has also put funds behind Gamium, a Spanish metaverse company.
What do you think about Telefonica’s investment in Bit2me and its cryptocurrency payment pilot? Tell us in the comments section below.
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