Telefónica launches TUWallet, an app for buying and selling cryptocurrency managed by Bit2Me | Crypto assets

Telefonica enters the cryptocurrency market. This Thursday, on the occasion of Innovation Day, the company announced the launch of TU Wallet, a new application for buying and selling digital currencies, fully managed exchange Spanish Bit2Me. With this application, open to anyone with a Spanish mobile phone number, regardless of operator, users can manage in their wallet the range of cryptocurrencies with the largest market volumes: Bitcoin, Ethereum, Cardano, Solana and the USDC stablecoin. The telecom company offers a simple interface much like banking apps and uses exchange for crypto investments and custodial services wallet.

Your wallet has several functions. The first is balance replenishment, that is, it allows you to top up your wallet using a card or bank account. The second is the balance exchange: once the user has money in euros in the wallet, he must select the cryptocurrency he wants to buy. The third is sending cryptocurrencies: “In the Web3 world, the ID is usually a very long alphanumeric list that is difficult to remember and identifies the user on the blockchain,” they explain. However, in this case, “the wallet is tied to the client’s phone number to make it more convenient to use: “So we can make a crypto transfer based on the phone number,” they clarify.

It can be downloaded to any Android and iOS device. To use the wallet, users must register by providing their phone number and email address. TU Wallet, active from this Thursday for those who want to register and work now, is launched exclusively in Spain “due to work that aims to integrate this type of service with the local financial system and current regulations,” company sources explain . To Five days. However, they claim that they are already working on expanding this service to other countries in which Telefonica operates.

In addition to access to the crypto asset market, with TU Wallet, users who request it will also have an available Bit2Me card, a virtual card created in collaboration with MasterCard, with which they can pay with digital currency at more than 100 million physical establishments. and electronic businesses around the world that accept MasterCard. From exchange They explain that users whose registered tax residence is in the European Economic Area can request and use it.

Bit2Me, which in 2022 became the first platform to receive registration with the Bank of Spain as a provider of services for exchanging virtual currency for fiat currency and storing e-wallets, also provides access to the Crypto API, which combines functions beyond just buying and selling. but also storage of cryptocurrencies. This tool aims to offer a scalable infrastructure to manage these assets in real time, ensuring security and availability.

Telefónica says this is a very important step in the company’s Web3 strategy. “This collaboration allows us to provide our clients with a more accessible solution for managing both cryptocurrencies and euros from a single platform, which is in line with our vision of offering technological innovation to the general public,” the firm commented to this newspaper. And they add: “We want to democratize access to crypto assets by providing a more accessible experience for everyone, regardless of their level of experience in the world of crypto.”

But the firm says this is only the first version of the wallet, a project they have been working on for years, as Chema Alonso, director of digital strategy at Telefónica and CEO of Telefónica Innovación Digital, explained: “It was important for us to have more control and regulation. Secondly, we believe that wallets should operate in a custodial environment, just like regular money. We believe this is a model for its widespread adoption. Finally, we believe that large companies should be part of this.”

Spain is the fifth country in the European Union to accept cryptocurrency. According to a study by Chainaanalysis, it ranks 25th in the world. The entry into force of the European MiCA regulation at the beginning of 2025 is expected to further open the door for individual investors into the world of crypto assets, including through increased supply from traditional banks. In fact, a few weeks ago, BBVA and Santander already announced that they were preparing their cryptocurrency offering for early 2025 for small investors.

But beyond financial institutions, traditional sectors such as telecommunications are also looking to democratize digital currencies. In this sense exchange cryptocurrencies, points to the security and simplicity of the infrastructure as fundamental aspects of its adoption. Leif Ferreira, CEO and founder of Bit2Me, explains that with the introduction of this tool they are taking another step in integrating crypto technology into everyday life: “With our infrastructure and Bit2Me Crypto API, we guarantee a secure and simple experience. for all users who want to explore the world of crypto assets.”

The tool launched by the telecommunications company joins the catalog of TU.com, Telefónica Innovación Digital’s commercial platform offering technology products and services. Among the latest initiatives launched by the firm is TU Quantum Encryption, which aims to provide a higher level of security for communications with smart devices. Chema Alonso said Tu.com allows the firm to innovate and bring its products to market quickly. “It is an incubator for innovative projects that allows us to be more disruptive and test new products that we sell directly around the world and which we can eventually integrate into the offer of our commercial brands in the countries where Telefónica operates.”

The agreement between Telefónica and Bit2Me is non-trivial. In fact, the Spanish telecommunications company entered the capital exchange in 2023 as part of a funding round that raised €14 million. A year earlier, the companies had already announced their first agreement. However, when Sam Bankman-Fried’s FTX platform collapsed, the telco asked for a pause due to industry uncertainty, which was ultimately approved. However, now, more than a year later, all doubts seem to have been dispelled.