As crypto acceptance spreads around the world, Spain’s local blockchain industry continues to experience significant improvements as the country’s top telecommunications service provider delves deeper into Web3 technologies.
Telefónica, a global telecommunications firm headquartered in Madrid, Spain, has made cryptocurrency payments such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), USD Coin (USDC), and many others available on its online digital marketplace called Tu. Is. To receive cryptocurrency in exchange for its technological products, the company integrated a crypto payment facility from the Spanish crypto exchange Bit2Me. During the Telefónica Metaverse Day event, the exchange teased the integration.
— Bit2Me (@bit2me) September 29, 2022
Aside from incorporating cryptocurrency into its online store, the telecommunications giant recently announced a deal with the software business Qualcomm Technologies to improve its extended reality (XR) ecosystem and bring the Metaverse to life.
According to Daniel Hernández, a Telefónica official, his company partnered with Qualcomm to plan for the future and create infrastructure. This is done to keep on top of innovations and deliver unique services to its clients.
Aside from its efforts to integrate cryptocurrency and construct the Metaverse, the corporation has dabbled in nonfungible tokens (NFTs). The company has created and launched its own NFT marketplace that is connected with the cryptocurrency wallet MetaMask.
The use of blockchain technology is not new to Telefónica. The company revealed a programme 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 settlement of business-to-business transactions.
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