Spanish telco announces Web3 adoption

Spanish telco

TL;DR Breakdown

  • Spanish telco announces web3 adoption
  • The Spanish telco enables crypto payments
  • Telefonica enters the NFT sector

Spanish telco Telefonica has announced that it is dipping into the Web3 ecosystem after announcing a new update that will benefit its users. According to the new update, the company will subsequently allow users to pay their telecom bills in several digital assets, including Bitcoin. This new update has further shown how Spain has continued to dominate in the adoption of digital assets across the world.

The Spanish telco enables crypto payments

According to the statement released by the Spanish company, users who intend to leverage digital assets to pay for their services will be able to do so through a marketplace. The telecommunications company leveraged its partnership with Bit2Me to provide this breakthrough payment method. Bit2Me had also hinted at the collaboration between both firms when it celebrated the metaverse day of the Spanish telco.

According to the statement, digital assets like Ethereum and Bitcoin will be enabled for payments while adding stablecoins like USDC. Asides from its addition of a digital assets payments method, Telefonica has also announced that it will enter into a partnership with a software company that will birth its Metaverse. Both firms will work together to advance the current extended reality that the company is working on.

Telefonica enters the NFT sector

In a statement by an executive of the Spanish Telco, the firm entered into a partnership with the software firm to prepare for a future with its infrastructure. This means that both firms will have to brainstorm ways to stay on top of the market by releasing new products and services for users across the market. The last aspect of entering the Web3 ecosystem the firm touched on is its new foray into the NFT scene. The Spanish telco recently announced that it had floated its marketplace with which traders can interact using the Metamask wallet.

This is not the first time Telefonica will make inroads into the crypto scene. In 2019, the firm announced that it is embarking on an initiative to help new start-ups dabble in AI. The move was part of a grand plan to help traditional firms come to terms with the new technologies. It was also involved with some German companies to help users settle issues related to payments deducted from roaming services.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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