Spanish telecom company Telefónica has driven deep into the web3 space by enabling payments with Bitcoin and other cryptos for its online marketplace Tu.
On its online digital marketplace called Tu, Telefónica, a multinational telecommunications firm with headquarters in Madrid, Spain, has made it possible for customers to pay with cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), USD Coin (USDC), and many others.
To accept cryptocurrency in exchange for its tech products, the company integrated a crypto payment option offered by the Spanish cryptocurrency exchange Bit2Me. During the Telefónica Metaverse Day celebration, the exchange teased the merger.
The telecom business recently announced a partnership with the software firm Qualcomm Technologies to improve its extended reality (XR) ecosystem and bring the Metaverse to life, in addition to integrating cryptocurrency into its online store.
Telefónica executive Daniel Hernández claims that his company worked with Qualcomm to develop the infrastructure for the future. This is done to stay abreast of changes so they can offer their clients cutting-edge services.
In addition to integrating cryptocurrency and creating the Metaverse, the company has also experimented with nonfungible tokens (NFTs). The company created and released its own NFT marketplace that is connected with the Metamask cryptocurrency wallet.
The use of blockchain technology is not new to Telefónica. The company revealed a program to support blockchain and artificial intelligence (AI) businesses in 2019 as previously reported by Cointelegraph. With this action, traditional ecosystems were intended to be improved.
In 2020, Telefónica will test a blockchain system to resolve roaming discount contracts in partnership with Deutsche Telekom and the British service provider Vodafone. The blockchain-based solution was anticipated to save costs for the telcos and improve workflows for the settlement of business-to-business transactions.
