Telefónica is a Spanish telephony player. It announced Thursday at its Metaverse day that it will invest in Bit2me. This investment will enable a new payment option to be integrated into its Tu.com marketplace.
Telefonica, S.A. is the largest Spanish telecommunications company. It operates in Europe and South America and has 44 million fixed lines, 19 million of which are in Spain. Its mobile subsidiary Telefónica Móviles has 54 million subscribers, of which 20 million are in Spain.
Through its digital division, Telefónica is increasing its presence in the world of Web3 and cryptocurrencies. The company is launching its first experiment with payments.
In partnership with a national crypto player, Bit2me, the firm is initiating a pilot project. The idea is to integrate a new payment option into its Tu.com marketplace. To offer this service, Telefónica relies on the Spanish platform and its payment gateway.
An opportunity to develop Telefónica ‘s Web3 initiatives
On September 29, the operator confirmed that it had acquired a stake in the crypto exchange Bit2me. Telefónica thus becomes a shareholder of Bit2me, which in July began its commercial development in South America through the acquisition of the Peruvian exchange Fluyez.
As a reminder, Bit2me is a platform that allows you to manage cryptos and traditional money without complications. There you can receive, store, send, buy, sell and use cryptos.
According to local media La Informacion, Telefónica has invested between 20 and 30 million euros. Bit2me had so far raised 2.5 million euros from private investors, including the Spanish fund Inveready.
Still according to these sources, the telephone operator would have committed to further increase its stake in the capital of the crypto exchange.
For Telefónica, this transaction is also an opportunity to develop its Web3 initiatives. The announcement of the pilot with Bit2me is thus part of the Metaverse Day organized by the operator.