Telefónica, one of the world’s largest telecommunications companies, has closed its investment in Bit2me, a Spanish crypto exchange. The company, which has been very active in the metaverse space, is entering the crypto payments space with a pilot that will allow customers to make payments via its online store Tu.com for up to $490.
Telefonica invests in cryptocurrency exchange Bit2me
Telefonica, Europe’s fourth largest telecommunications company, has decided to get into the cryptocurrency business. The companyannounced an investmentin Bit2me, a cryptocurrency exchange based in Spain, which will give the organization access to implement its technology stack. The investment is the company’s first move in the crypto space, although the details and number were not disclosed.
Unofficial sources revealed that this participation could be between $20 million and $30 million, giving Telefonica a very significant stake in Bit2me. This infusion of capital will help the exchange continue to operate during this downturn in the cryptocurrency market, when other exchanges have been forced to lay off staff and cut operating costs; Bit2me has just secured $2.5 million in funding from private investors prior to Telefonica’s investment.
Cryptocurrency Pilot Program
One of the first actions Telefonica will take after this investment is a pilot that will allow customers to pay in crypto at Telefonica’s online store, Tu.com Tu.com, Telefónica’s online store. The company will accept cryptocurrency payments of up to $490 for high-tech hardware and phones as a way to gauge public interest in this payment method.
The company will use Bit2me technology as a way to accept cryptocurrency payments and convert them into Euros held by Telefónica, and the company will not receive cryptocurrency in these transactions. However, this may change in the future. Telefónica’s digital unit director, Chema Alonso, declared that the company may accept crypto in the distant future.
The pilot will be limited to these payments in the online store, and no plans to expand this plan in the future were disclosed. The company has long shown interest in the metaverse and NFT space and has made various investments in these areas. Recently, it entered into a partnership with Qualcomm to develop a metaverse experience for its customers using Qualcomm’s augmented reality technology. Telefónica has also invested money in Gamium, a Spanish metaverse company.
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