Telefónica has fully immersed itself in the buying and selling of cryptocurrencies and started offering this service through a new application, YOUR Wallet. The wallet to work with digital assets is available in Spain and includes a card to pay with Bitcoin or Ether in physical establishments and stores. Bit2Me will operate the application after being chosen by the telecommunications company for this project.
The goal of the app is for users to be able to easily use crypto assets, both for investing and making payments, Bit2Me explains in a statement. The service It is accessible to anyone with a Spanish mobile number, not only for customers of the operator led by Álvarez-Pallete. In addition, this opens the door for the application to reach the 392 million “teleco” customers in 12 countries.
The application is called TU Wallet, since TU is Telefónica’s innovation-focused area, which offers products based on blockchain or linked to artificial intelligence (AI). For example, it has a collection of non-fungible tokens (NFTs). These services are available to customers and individuals.
In the case of the “crypto” wallet, It is the first of the large telecommunications companies operating in Spain to offer a service allowing transactions with tokens. The European regulation of cryptoassets (Markets in Crypto Assets or MiCA) has just entered into force, in its second phase, in December, allowing financial and non-financial entities to offer ‘crypto’ products.
Telefónica is one of Bit2Me’s investors, alongside Unicaja, Cecabank, Investcorp and Inveready, among others. This is why the telecommunications company decided to rely on the “cryptography” company, registered with the Bank of Spain, to launch its new service.
“This expands the daily use of cryptocurrencies, bringing them closer to users’ daily lives,” the statement explains. In addition to working from your mobile, allows you to pay with a MasterCard card, Available in more than 100 physical and e-commerce establishments.
“TU Wallet is a clear example of how our technology can drive mass adoption of crypto assets. in traditional sectors such as telecommunications”, underlines Gabriel Ayala, director of banking solutions at Bit2Me. Previously, the company led by Leif Ferreira carried out the same project with the Fazil neobankwhich released its own app to work with bitcoin, ether, and hundreds of cryptocurrencies.
