Spain’s Largest Telecom Company Telefonica Now Accepts Bitcoin

September 30, 2022 9:34 pm Comments

Telefonica is known as Spain’s largest telecommunications company and the company has just announced that it will now accept Bitcoin and other prominent crypto as payment.

Adding Bitcoin as a payment method was achieved through the company’s partnership with Bit2Me which allows for customers to use Bit2Me’s commerce payment method.

In fact, the telecom giant even invested in Bit2Me which makes it directly involved in crypto aside from just accepting crypto as an alternative payment method.

The details of the investment have yet to be revealed but it is expected that more details will be revealed in the upcoming weeks.

BitcoinMagazine reports:

Additionally, Telefónica has reportedly invested in Bit2Me. Details of the investment are expected to be released in the coming weeks.

Despite the fact that users looking to take advantage of the new feature simply need to add the product to the cart and select Bit2Me Commerce before paying, there is a purchase minimum and limit set between $200 and $500, respectively.

Upon the completion of the checkout process, Bit2Me automatically converts the chosen form of payment into euros in real time, removing any technological barriers for merchants such as Telefónica.

Spanish interest in bitcoin and cryptocurrencies continues to grow as this past summer, the RCD Espanyol professional soccer team became the first La Liga team to accept the new form of payment.

Other companies in Spain are also looking to get directly involved in the crypto industry as well besides Telefonica.

So far, the Spanish airline called Vueling has revealed that the airline will also have plans to start accepting Bitcoin next year in 2023.

Of course, there are multiple crypto payment service providers that other companies can go with besides Bit2Me such as Bitpay.

With that being said, the increased adoption of digital assets and the ease use of crypto payment service providers will likely accelerate mainstream adoption in Spain and surrounding regions.

CoinDesk reports:

Telefónica, Spain’s largest telecommunications company, is enabling the purchase of products on its technology marketplace with cryptocurrencies.

The company activated purchases with crypto on after adding a payment feature provided by Spain’s largest crypto exchange, Bit2Me, the crypto firm told CoinDesk.

Telefónica has also invested in Bit2Me, the exchange confirmed to CoinDesk, adding that more details on the investment will be released in the coming weeks.

The Spanish telecommunications company also has its own NFT marketplace on the Polygon blockchain that is initially integrated with MetaMask.

To develop projects in the metaverse, Telefónica also recently closed deals with companies including Qualcomm, with which it will explore opportunities in the product and service segment in the metaverse.

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