Telecom company Telefónica permitted payments with Bitcoin, Ether, and other cryptos for its online marketplace Tu.
With crypto adoption moving forward almost worldwide, Spain continues to encounter major developments in its local blockchain space as its largest telecom services provider dives deeper into Web3 technologies.
The multinational telecom company based in Madrid, Spain, Telefónica, has permitted payments with cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), USD Coin (USDC) and many others on its online tech marketplace called Tu. The firm combined a crypto payment feature provided by the Spanish crypto exchange Bit2Me to receive crypto in exchange for their tech products. The exchange teased the incorporation during its Telefónica Metaverse Day event.
Apart from integrating crypto in its online store, the telecom firm has also recently declared its collaboration with the software company Qualcomm Technologies to advance its extended reality (XR) ecosystem and bring the Metaverse to life.
Daniel Hernández, an executive at Telefónica, stated their firm collaborated with Qualcomm to prepare for the future and build its infrastructure. This is to stay on top of developments so that they are able to provide advanced services to their customers.
Apart from its hard work in integrating crypto and building the Metaverse, the company has also dabbled in nonfungible tokens (NFTs). The firm has erected and released its own NFT marketplace integrated with the crypto wallet MetaMask.
This is not Telefónica’s first encounter with blockchain technology. As formerly reported by Cointelegraph, the firm declared an initiative that supported blockchain and artificial intelligence (AI) startups in 2019. The move meant to improve traditional ecosystems with emerging technologies.
In 2020, Telefónica collaborated with Deutsche Telekom and British provider Vodafone to test a blockchain solution to settle roaming discount agreements. The blockchain-based solution was anticipated to lessen the costs for the telcos and create more efficient settlement workflows for inter-company deals.
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