Spanish Telecom Giant Telefonica Invests in Bit2Me, Pilots Cryptocurrency Payments – Exchanges Bitcoin News

Telefonica, one of the world’s largest telecom companies, has closed an investment in the Spanish cryptocurrency exchange Bit2me. Telefonica, an active company in the metaverse, has launched a pilot that will allow customers to pay via, allowing them to use their online shop to make crypto payments. The upper limit is $490.

Telefonica invests in Cryptocurrency Exchange, Bit2me

Telefonica, Europe’s fourth-largest telecom firm, is now focusing on the cryptocurrency market. Telefonica announced that it had invested in Bit2me (a Spanish-based cryptocurrency exchange) which will allow the company to access the technology stack. This investment is the company’s first in the cryptocurrency area.

The participation was estimated to be $20-30 million according to non-official sources. It gives Telefonica a significant stake in Bit2me. The fund injection will allow the exchange to continue operating in this downturn when other exchanges are forced to cut costs and layoff staff. Bit2me had just secured funds for $2.5 million from private investors prior to Telefonica’s investment.

Cryptocurrency Pilot Program

One of the first actions that Telefonica is taking after this investment is the implementation of a pilot program that will allow customers to pay with crypto at Telefonica’s online store, As a measure of public interest in the cryptocurrency payment option, the company will accept payments up to $490.

The company will use Bit2me’s tech as a way of receiving the cryptocurrency payments and exchanging them for euros, which will be kept by Telefonica; the company will not receive cryptocurrency in these transactions. This could change, however. Chema Alonso (Director of Telefonica’s Digital Unit) stated that Telefonica might soon accept cryptocurrency.

This pilot will only be used to pay online orders. There are no future plans. The company was already interested in metaverse technology and NFT before making other investments. In order to leverage Qualcomm’s extended reality technology, the company has formed an alliance to create metaverse experiences for customers. Telefonica has invested funds in Gamium (a Spanish metaverse company).

What do you think about Telefonica’s investment in Bit2me and its cryptocurrency payments pilot? Leave a comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. His background is in computer engineering, but he also lives in Venezuela and was impacted at the social level by the crypto boom. He offers an alternative perspective on the success of cryptocurrency and the benefits it has for the underbanked.

Credits for the, Pixabay. Wiki Commons. joan_bautista.

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