After the arrival of Deutsche Telekom in the world of Web3, it is the turn of the Spanish giant Telefónica to join the movement. Europe’s 4th telecommunications company now accepts cryptocurrency payments on its Tu platform, through the Bit2Me exchange.
A big leap in the crypto-asset sector
What better than a Spanish multinational to democratize cryptocurrencies ? According to local media La Información, Telefonica has just entered the capital of Bit2Me up to 20 to 30 million euros, a sum ten times higher than the previous round of funding carried out by the Spanish exchange.
If the name Telefónica means nothing to you, it is because the company has positioned itself in the Spanish and South American market. The group employs more than 100,000 people worldwide, and its turnover exceeds 39 billion euros.
For Bit2Me, this massive influx of capital makes it possible to guarantee the company’s survival in the midst of a bear market, while increasing its exposure to the Spanish market. Indeed, thanks to its agreement with Telefónica, Bit2Me has become the intermediary for each payment in cryptocurrencies made on site You.com.
Now, this marketplace dedicated to electronic equipment accepts many assets (BTC, ETH, USDC, etc.). Namely that today, to carry out a transaction in crypto-currency, the amount spent on the site must be between €200 and €500.
For Chema Alonso, digital director at Telefónicathe objective of the maneuver is to democratize the use of this new method of payment:
“ We want to make it easier for people to have their own wallet and store it [leurs cryptomonnaies] “.
Since purchases in cryptocurrencies are limited to a threshold, this new payment method can be used by Telefónica as an economic and technological experiment.
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The multinational multiplies its positions in Web 3.0
The investment made in the capital of Bit2Me is only the conclusion of the multiple financial actions carried out by the Spanish company. A few months ago, Telefónica acquired the company Imascono, specialized in the field of virtual reality and the metaverse.
At the same time, the company became a shareholder of Crossminta platform allowing creators of non-fungible tokens (NFT) to sell their creations directly by credit card.
This crypto-friendly positioning is explained by the desire to create a Spanish hub dedicated to blockchain technology. According to Telefónica CEO José María Álvarez-Pallete, the metaverse is a key area not to miss:
” We have the metaverse and Web3 layer, these are becoming necessary. If we don’t take them to our advantage, it will be because we are not able to generate innovation with these sectors. »
Moreover, the company’s orientation towards these technological fields can be the consequence of the positions of its shareholders. BlackRock, Banco Cilcao Vizcaya Argentaria (BBVA), Société Générale: these three behemoths are Telefónica’s largest shareholders, and all have taken positions in the Web3 ecosystem.
To achieve its goals, the multinational has multiplied alliances with major players in the technology sector: partnerships have been concluded with Qualcomm for telecommunications, as well as with Unity and Niantic for 3D modeling and building virtual experiences within the metaverse.
According to Chema Alonso, the metaverse sector will generate up to 3 billion euros in 2030.
👉 On the same theme – Metaverse: understanding these virtual worlds based on blockchain and NFTs
Source: La Información
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Timothy Bourbotte
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