The cryptocurrency industry has been seeing severe price drops for nearly a full year now, since the start of the so-called crypto winter back in November 2021. However, the dropping prices have not discouraged development or adoption. In fact, adoption and development seem to be thriving during the bearish markets, when the attention is not as much on value and earning but rather on creating quality solutions and services.
The latest example of this came only yesterday from Spain, where the country’s largest telecommunications company, Telefónica, announced that it will start accepting Bitcoin and altcoins as payment methods in its eCommerce store.
Telefónica teams up with Bit2Me to offer crypto payments
Apparently, the move comes as a result of the company’s recent partnership with the largest crypto exchange in Spain, Bit2Me. The exchange will help Telefónica by facilitating real-time payment conversion, where digital coins provided by the firm’s customers will be converted into Euros. In other words, the company is not actually accepting Bitcoin, but it is allowing its customers to use BTC for making payments.
Telefónica customers can take advantage of the new payment method by selecting Bit2Me as a payment method once they reach the checkout stage of their purchases.
Apart from simply partnering with Bit2Me, reports also claim that Telefónica invested in the country’s largest exchange. For the time being, the details of the investment remain unknown. However, they are expected to be announced publicly fairly quickly, likely during next week.
Details involving the new payment method
One thing to note, however, is that the new payment method comes with a catch. Even though users can simply select the product they wish to purchase, add it to their cart, and then select Bit2Me at checkout, there is a certain purchase limit. Specifically, the company has set up a minimum and maximum that can be purchased with crypto, only allowing its customers to use digital coins as payment if their purchase happens to be between $200 and $500.
For those who choose to use Bit2Me as a payment method, and their purchase falls between the two amounts, the exchange will simply convert the funds into euros in real-time. As a result, Telefónica will not have to create a crypto wallet or manage and store coins. It will continue to operate with EUR as it did throughout its existence, and the exchange will take care of the coins.
However, this is still a good thing as it indicates that the Spanish crypto community is growing and that there is a demand for using digital assets for payments. Previous indicators that interest in crypto is growing came earlier this year, when the football team, RCD Espanyol, became the first La Liga team to start accepting cryptocurrencies.
The same can be said for Vueling, the country’s airline, which announced that it will start accepting BTC payments in 2023. The airline teamed up with BitPay, and it will likely have a similar deal as Telefónica and Bit2Me.