Partnership between Telefonica and Bit2Me: when Spain entered crypto time

Partnership between Telefonica and Bit2Me: when Spain entered crypto time

Accepting crypto yes, but to some extent – This telecommunications company and that cryptocurrency exchange companies are collaborating to increase the use of crypto in the country.

Telefónica and Bit2ME in crypto phase in Spain

In addition to their size, these two giants already have one more point in common. Telephonywhich is the largest telecommunications company in Spain, has just led a fundraising round for Bit2Mewhich is the largest cryptocurrency exchange in the country.

The two companies did not disclose details of this fundraising. However, a local media article puts a figure that would be between 20 and 30 million eurosquoting “informed sources”. As a reminder, before this round, Bit2Me had already raised $2.5 million from private investors.

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TV or phone with cryptocurrency

Thanks to its investment and the partnership that naturally stems from it with Bit2Me, Telefónica will be able to launch its pilot project that aims to adopt cryptocurrency payments on its online marketplace, You.com. The Spanish crypto exchange will lead the development of the technology needed for this project.

However, Tu.com customers will not be able to pay in cryptocurrency. that certain purchases, such as those on televisions and mobile phones. The amount of these payments is in addition with a ceiling of 500 euros.

Crypto adoption in Spain is growing

But even though Telefónica is a telecommunications company, the company will not allow customers to pay theirs phone bills in cryptocurrencies right now.

Despite these limitations, Telefónica is diving into cryptocurrencies, while the company is already familiar with other sectors of the web 3. It has already launched its market NFT of a polygon (MATIC). Also, she ruleswayra accelerator which backed the Spanish startup gamiumdeveloping a decentralized metauniverse.

Thus, this partnership between Telefónica and Bit2Me should stimulate the use of cryptocurrencies in Spain. Although the adoption of Bitcoin (BTC) and its cadets is relatively low there, especially compared to that of a country like the United States, cryptocurrencies benefit or fall victim (depending) to fairly strict regulatory framework in Spain.

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