For its online store, Tu, the telecommunications operator Telefónica facilitated payments with Bitcoin, Ether, and other cryptocurrencies.
As the use of cryptocurrencies becomes more widespread in a variety of regions around the globe, Spain is also witnessing the evolution of its blockchain industry. At the same time, the telecom services providers of the country are now paying more attention to Web3 technologies.
On its online technology marketplace known as Tu, the global telecommunications firm Telefónica has authorized payments with cryptocurrencies. It has for now permitted popular cryptos like Bitcoin, Ether, Litecoin, USD Coin, and a great number of other cryptocurrencies. The company decided to receive cryptocurrency in exchange for its technological goods, so it integrated a payment option that was offered by Bit2Me. During the event that was called Telefónica Metaverse Day, the exchange dropped hints about the integration.
In addition to implementing cryptocurrency payments in its online store, the telecommunications company has recently made public its intention to work together with the software business Qualcomm Technologies. They are to collaborate for developing an extended reality (XR) ecosystem in order to bring the Metaverse to life.
An executive at Telefónica named Daniel Hernández stated that their company worked together with Qualcomm to improve its infrastructure and get ready for the future. This is done so that businesses may remain current on changes and thus be in a position to serve their consumers with unique services.
It has been popularly working in the space of metaverse and integrating cryptos. Moreover, the organization is also working with nonfungible tokens. The company has developed and launched its very own NFT marketplace, which is also integrated with the cryptocurrency wallet known as MetaMask.
This is not the first time that Telefónica has interacted with blockchain technology. According to a recent article by Cointelegraph, the company announced a program that would provide financial assistance to blockchain and artificial intelligence (AI) firms in 2019. The action was taken to improve traditional ecosystems with new technologies.
In the year 2020, Telefónica, Deutsche Telekom, and Vodafone, a provider in the United Kingdom, worked together to test a blockchain method for settling roaming discount agreements. It was anticipated that the blockchain-based solution would lessen the financial burden borne by the telecoms and produce more effective settlement workflows for transactions between companies.
