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The embrace of Web3.0 is more of a longer-term build-up for Telefonica and it is currently exploring debuting new products and services in the metaverse.
Spanish multinational telecommunications company Telefonica SA (BME: TEF) has integrated crypto payments to create a diversified option for its customers. Telefonica is exploring this new payment option in partnership with the crypto trading platform Bit2Me.
As confirmed to Coindesk, users can pay for items using digital currencies when they purchase items through the Telefonica marketplace. There are no indications of any restricted items that can be acquired and paid for by cryptocurrencies on the Tu.com marketplace. The payment gateway was developed by Bit2Me, creating a diversified option for users to obtain value from their crypto holdings.
The awakening of Telefonica to the world of cryptocurrencies is broad-based, and as confirmed by Bit2Me, the telecom giant is also making an investment in the crypto firm. The exact amount and the conditions attached to the investment are billed to be released in the coming weeks.
While Telefonica is debuting crypto payments for the first time, the company is not new to Web3.0. The Telecom giant has a dedicated Non-Fungible Token (NFT) marketplace that was built on the Polygon protocol and has in-built integrations with Metamask. The NFT marketplace boasts artworks of legends in the creative world including those of Arturo Perez Reverte, an award-winning writer, and journalist.
The embrace of Web3.0 is more of a longer-term build-up for Telefonica and it is currently exploring debuting new products and services in the metaverse. To do this, the company has inked a strategic partnership with a number of outfits including tech giant, QUALCOMM Inc (NASDAQ: QCOM).
European Retail Giants Embracing Crypto Payments
While the embrace of crypto payments by Telefonica is well celebrated, other tech and retail giants within the European Union have been gradually exploring this allowance over the past year.
For instance, Croatia’s largest supermarket chain, Konzum began accepting payments in cryptocurrencies back in December 2021, granting its users the flexibility and diversity to make purchases with the assets best at their disposal.
At the time, Konzum noted that the received digital currencies are swiftly converted into fiat to wade off any fluctuations through volatility that will impact the value of the received funds. It is currently not clear if this conversion at Point of Sale is the model that will be embraced by Telefonica as it appears as the standard for retail businesses that have integrated crypto payments in recent times.
The new allowance from multinational corporations serving retail users within the EU has made Virtual Assets Service Providers (VASPs) have stepped up their products and services to accommodate the growing demand among consumers. These products include but are not limited to the issuance of crypto payment cards, and the provision of credit facilities.
Gradually, the EU, through the crypto-linked commercial engagements of these retail giants is becoming a major hub for all crypto-related advances.