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<h2 id="header-0">One of the biggest telecom firms in the world, Telefonica, has completed an investment in the Spanish cryptocurrency exchange Bit2me.</h2>The business, which has been quite active in the metaverse, is foraying into the cryptocurrency payments market by launching a pilot programme that will let its clients make purchases through its online store Tu.com with a $490 maximum transaction limit.Telefonica makes a cryptocurrency exchange investment Bit2meThe fourth-largest telecom corporation in Europe, Telefonica, has chosen to enter the Bitcoin market. The business disclosed an investment in Bit2me, a cryptocurrency exchange with headquarters in Spain, which will provide it access to the organization&#39;s technology stack. The investment, whose specifics and sums were not made public, is the business&#39;s initial step into the cryptocurrency market.Unofficial sources revealed that this investment, which might be in the range of $20 and $30 million, would give Telefonica a sizable share in Bit2me. The exchange would receive help from this infusion of cash to continue operating amid the current bear market in cryptocurrencies, which has pushed other exchanges to lay off employees and implement cost-cutting measures. Before Telefonica invested, Bit2me had just received $2.5 million from private investors.Blockchain Pilot ProgramImplementing a test programme that will let users use cryptocurrency at Telefonica&#39;s online store, Tu.com, is one of the first steps that Telefonica is taking after this investment. In order to gauge the public&#39;s interest in this payment option, the company will accept cryptocurrency payments for phones and tech gadgets up to $490.The business will make use of Bit2me&#39;s technology to accept cryptocurrency payments and convert them into euros, which Telefonica will keep; the business will not get cryptocurrency in these transactions. This could, however, alter in the future. Telefonica&#39;s director of the digital section, Chema Alonso, stated that the corporation would eventually accept cryptocurrency.There are no future plans for this plan&#39;s expansion, thus the pilot will be limited to these payments in the online store. The business had previously expressed interest in the metaverse and <a href="https://www.coingabbar.com/en/crypto-dictionary/non-fungible-tokens-nft" rel="noopener noreferrer nofollow">NFT</a> space by making a variety of investments in these areas. The business recently formed an arrangement with Qualcomm to make use of the latter&#39;s extended reality technology to create metaverse experiences for its clients. Additionally, Telefonica has contributed money to the Spanish metaverse business Gamium.

Bit2Me receives funding from Spanish telecom giant Telefonica

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