Spain’s Biggest Telecoms Provider Now Accepts Crypto for Payments

• Spain’s largest telecoms provider now accepts crypto payments.
• Telefonica also made an investment in the crypto exchange platform Bit2Me.
• Recently, the telco has also partnered with Qualcomm to develop a Metaverse hub.

According to a recent report, Telefónica, the biggest telecom provider in Spain, is allowing customers to use cryptocurrencies like Bitcoin and Ethereum to buy things on its online technology marketplace.

The telecommunications company has also put some money into Spain’s largest crypto exchange Bit2Me, however, details of the investment are yet to be made public. After integrating a payment option developed by Bit2Me, the business began accepting cryptocurrency for transactions made via Tu.com.

This comes just days after Telefonica and the fabless chip manufacturer Qualcomm signed a collaboration agreement to collaborate on the development of extended reality and metaverse projects.

Under the terms of the deal, Telefonica’s telecommunications infrastructure will function as a platform for the distribution of experiences that have been created using Qualcomm technology. This technology will be included by Telefonica in projects that are going to be created at its Metaverse Hub, which is a site that is devoted to Web3, augmented reality, and the metaverse.

Telefonica said about the development: “XR (extended reality) will bring a new dimension to the digital and real world, allowing people to communicate, do business, socialize, and be entertained in new ways. We are preparing for this future, building the infrastructure, upgrading equipment, evolving our services, and establishing the partnerships that will allow us to bring innovative new devices and services to customers.”

Both the telecoms operating company’s investment arm General Ventures and its accelerator Wayra have participated in the blockchain industry as investors prior to the company’s recent foray into the industry.