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- Telefonica now accepts crypto payments for products in its technology marketplace.
- Several other popular brands have diversified their payment system to embrace new technologies.
As the adoption of crypto continues to increase, several businesses around the world have started adopting crypto payments as an additional payment method. According to several reports, Telefonica (the largest telecommunications company in Spain) has announced that it now accepts crypto payments, including Bitcoin, from those who wish to use this payment option to purchase products on its technology market.
Reports further state that Bit2Me (Spain’s largest crypto exchange) provided the crypto payment feature for Telefonica while the company enabled crypto purchases on Tu.com (its online marketplace). Additionally, Telefonica is now part of Bit2Me. However, full details regarding Telefonica’s investment in Bit2Me are not yet known.
In other related news, Telefonica also revealed that it has entered into a partnership agreement with software company Qualcomm to explore business opportunities in the metaverse space. According to the official statement, the first joint agreement between the companies was the launch of XR/metaverse-related products and services earlier in the week. The statement further indicates that the agreement offers the possibility of offering new customer experiences through the fusion between the analog and digital worlds, reimagining communication, commerce and entertainment in the metaverse sector.
It should be noted that the Spanish telecommunications company has built its NFT market on the Polygon blockchain with integration with the crypto wallet, MetaMask. Some creators use Telefonica’s NFT Marketplace to quickly issue their NFTs. This is not the first time that Telefonica has explored blockchain technology.
Within three years, the company launched a startup support program that uses blockchain technology and artificial intelligence (AI). Two years ago, Telefonica, Vodafone and Deutsche Telekom teamed up to test a blockchain-based solution for settling roaming discount agreements. The three telcos hoped the solution would reduce telcos’ capital costs, improve settlement of their business-to-business workflows, and improve revenue recognition.
Top Companies Accept Crypto Payments
Recently, most major brands have diversified their payment system to adopt the new blockchain technology. Thus, they can provide better payment experiences to their customers. In May 2022, luxury fashion company Gucci revealed that it would start accepting crypto payments in some of its stores around the world.
During the same period, women’s fashion company Balenciaga also revealed that some of its select outlets would start accepting Bitcoin and Ethereum payments. In June, Chipotle (the first Mexican restaurant chain) announced that it would start receiving crypto payments. Recently, Chipotle celebrated Ethereum’s successful move to a proof-of-stake network by announcing a 99.95% discount on all of its steak bowls.
Ethereum’s fusion upgrade means the network would use 99.95% less energy than when it was a proof-of-work network. Some educational institutions have also joined these popular brands in accepting crypto payments. In October 2021, the first business school, Wharton, announced that it would begin accepting bitcoin payments for tuition. The school announced that it plans to accept other cryptocurrencies over time.