Telefónica, one of the largest telecommunication companies in the world, is partnering with Bit2Me, a cryptocurrency platform for payments. The partnership will allow users to pay for their monthly bills with crypto through Bit2Me's mobile app.
As part of the partnership, Telefónica will also start piloting crypto payments on its online marketplace, with Bit2Me reportedly leading the development of the technology.
Payments will be limited to purchases like televisions and mobile phones up to $500. The company said it has no plans to allow customers to pay for their phone bills in crypto, for now.
"At Bit2Me we are always aiming to bring cryptocurrencies closer to everyone, and through the Telefónica integration we have the opportunity to reach many more people," a Bit2Me representative told Decrypt via email. "I think it’s quite a natural union, taking into account that Telefónica is one of the largest telecommunication companies in the world and Bit2Me is the most complete crypto platform with headquarters in Europe."
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Telefónica will also seek synergies with some companies with which it has paired before, such as DeepMind Technologies and Improbable.
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