With the adoption of cryptocurrencies growing in various parts of the world, Spain continues to find major developments in its local blockchain space as its largest telecommunications service provider dives further into Web 3.0 technologies.
Telefónica, the multinational telecommunications company based in Madrid, has enabled payments with cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), USD Coin (USDC) and many others in its online technological market called “You”. The company has integrated a cryptocurrency payment function provided by the Spanish cryptocurrency exchange Bit2Me to receive cryptocurrencies in exchange for its technology products. The exchange hinted at the integration during its Telefonica Metaverse Day event.
What do you think we are preparing with @Telefonica pic.twitter.com/cYijpO1Zyj
— Bit2Me (@bit2me) September 29, 2022
In addition to integrating cryptocurrencies into its online store, the telecommunications firm it has also recently announced its collaboration with software company Qualcomm Technologies to advance its extended reality (XR) ecosystem and bring the metaverse to life.
According to Daniel Hernandez, director of Telefonica his company collaborated with Qualcomm to prepare for the future and build its infrastructure. This is to keep abreast of developments and to be able to offer innovative services to its customers.
Aside from its efforts to integrate cryptocurrencies and build the metaverse, the company has also dabbled in non-fungible tokens (NFTs). The company has created and launched its own NFT marketplace integrated into the cryptocurrency wallet; MetaMask.
This is not Telefónica’s first encounter with Blockchain technology. As Cointelegraph previously reported, the firm announced an initiative supporting blockchain and artificial intelligence (AI) startups in 2019. The move aimed to enhance traditional ecosystems with emerging technologies.
In 2020, Telefónica collaborated with Deutsche Telekom and UK provider Vodafone to test a blockchain solution to settle roaming discount deals. The blockchain-based solution was expected to reduce telecommunications costs and create more efficient settlement workflows for business-to-business deals.
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