Vodafone, the telecommunications company based in the United Kingdom, is gearing up for a significant move in Turkey. The company intends to bring smartphone users closer to blockchain technology by integrating crypto wallets with SIM cards.
Vodafone’s decision to explore crypto currency comes as its subsidiary, Vodafone Idea Ltd, which operates in India and holds a 45% stake in Vodafone Group, faces potential debt of around $3 billion over the next two years, partially through loans.
David Palmer, a key figure at Vodafone Blockchain, recently appeared on the Yahoo Finance Future Focus program to discuss the company’s plan to integrate blockchain technology with SIM cards used in smartphones. Palmer predicts that by 2030, there could be approximately eight billion smartphones in use, with the number of crypto wallets potentially reaching 5.6 billion.
This figure of 5.6 billion wallets already represents about 70% of the current global population, highlighting the substantial impact of Vodafone’s initiative.
In addition to its crypto currency endeavors, Vodafone has also entered into new partnerships to enhance its offerings. Prior to seeking a $3 billion loan, Vodafone Idea Ltd conducted a $2.2 billion share sale. The company has recently announced a 10-year strategic partnership with Microsoft, aiming to provide customers with more advanced artificial intelligence (AI) services.
Microsoft CEO Satya Nadella expressed his excitement about the collaboration, stating that the next generation of AI will unlock countless opportunities for organizations and industries worldwide.
As these developments unfold, the price of Bitcoin (BTC) has also been closely watched. At the time of writing, BTC is trading at $63,878, reflecting a 1.58% increase.
Disclaimer: This article is not to be construed as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.