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Spain’s Largest Telecom Company Telefónica Now Accepts Bitcoin, Crypto Payments

The blockchain environment in Spain continues to undergo significant changes as the country’s top telecom services provider delves deeper into Web3 technology in line with crypto usage in other parts of the world.

A global telecommunications company with headquarters in Madrid, Spain, Telefónica, has launched an online digital marketplace called Tu for customers to purchase cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), USD Coin (USDC), and others. 

How Will This Arrangement Work?

Using Bit2Me’s crypto payment option, the company accepts cryptocurrency in return for its tech products. An announcement about the merger was made during the Telefónica Metaverse Day celebration.

In addition to improving its XR ecosystem, bringing the Metaverse to life, and integrating cryptocurrency into its online store, telecom company Bell Canada recently announced a partnership with Qualcomm Technologies.

The CEO of Telefónica, Daniel Hernández, claims that the future infrastructure was developed in conjunction with Qualcomm. So that their clients can benefit from cutting-edge services, they stay abreast of changes.

The company has also experimented with nonfungible tokens (NFTs), integrating cryptocurrency and creating the Metaverse. A cryptocurrency wallet connected to the NFT marketplace has been created and published by the company.

Telefónica has been using blockchain technology for some time. Previously, it was reported that the company would launch a program to help blockchain and artificial intelligence businesses in 2019. It was intended that traditional ecosystems would be improved through this action.

Telefónica and Deutsche Telekom tested a blockchain system in 2020 to resolve roaming discount contracts. The blockchain-based solution was anticipated to reduce telecom costs and improve business-to-business settlement processes.