Spain’s largest telecom player ventures further into Web3

ambcrypto.com:

Telefónica, the largest telecom operator in Spain, has taken another step toward blockchain adoption by enabling cryptocurrency payment for the purchase of products on its tech marketplace Tu.com.

Crypto payments on the marketplace are enabled by Bit2Me, Spain’s largest crypto exchange following a collaboration between the two firms. 

Telefónica has reportedly led a funding round investment round in Bit2Me, worth between €20 million to €30 million. The funding was reported by La Información. 

Tu.com will allow shoppers to pay using cryptos like Bitcoin (BTC), Ether (ETH), USD Coin (USDC), thanks to the integration of payment service by Bit2Me. 

Telefónica’s recent business activities indicate that the company has big ambitions for the blockchain space.

Earlier this week, the Madrid-based telecom giant announced a collaboration with tech company Qualcomm, to explore the Extended Reality (XR) and Metaverse space. 

The joint venture aims to launch XR/metaverse products and services by leveraging Qualcomm’s Snapdragon Spaces™ XR developer platform and Telefónica’s advanced fixed and mobile network infrastructure. The press release read,

“Telefónica sees many possibilities in the combination of immersive devices with powerful networks and decentralized Web3 technologies. This agreement opens the opportunity to offer new experiences to customers by merging the digital and analog worlds, reimagining commerce, entertainment, and communication in the Metaverse.” 

It is interesting to note that Telefónica has its own NFT marketplace as well.

Telefónica is also in talks to acquire Imascono, a company that specializes in the development of experiences in extended reality and the metaverse. 

Telefónica also has a stake in Crossmint, a platform