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Vodafone Will Integrate Crypto Wallets into SIM Cards

06 May, 2024 Crypto News

Vodafone Will Integrate Crypto Wallets into SIM Cards

Vodafone, a telecommunications provider based in the United Kingdom, aims to introduce blockchain technology to smartphone users by integrating cryptocurrency wallets with subscriber identity module (SIM) cards.

This ambitious initiative coincides with a financial strategy involving Vodafone Idea—a separate entity in India in which Vodafone Group holds a 45% stake—accumulating nearly $3 billion in debt, including $1.8 billion in loans over the next two years.

In a recent Yahoo Finance Future Focus interview, Vodafone Blockchain Lead David Palmer discussed the company's plans to integrate blockchain technology into smartphone SIM cards:

“By 2030 we’re expecting more than 20 billion mobile phones to be in operation, many of those being smartphones. […] So we’ve focused on linking the SIM card to digital identity, linking the SIM card to blockchains, and using the cryptography we have in those SIM cards for that integration.”

Palmer further explained that he anticipates around eight billion smartphones in use by 2030, with a projected surge in crypto wallets to 5.6 billion—nearly 70 percent of the global population.

Despite the financial challenges faced by Vodafone Idea in India, including the recent sale of $2.2 billion in shares to support a $3 billion debt-raising plan, Vodafone Group has been active in 2024.

The company has formed a 10-year strategic partnership with Microsoft to deliver generative artificial intelligence (AI) services to Vodafone customers.

Upon announcing the deal, Microsoft CEO Satya Nadella emphasized the disruptive potential of the company’s AI technologies, stating that the “new generation of AI will unlock massive new opportunities for every organization and every industry around the world.”

This is not the first instance of combining cell phone technology with blockchain hardware.

In 2019, U.S. startup VaultTel announced its plan to create a physical wallet that could fit into a smartphone’s SIM slot.

Sources:

https://cointelegraph.com/news/vodafone-blockchain-integrate-crypto-wallets-sim-cards

https://www.bloomberg.com/news/articles/2024-05-02/vodafone-idea-seeks-1-8-billion-of-loans-in-next-two-years

https://finance.yahoo.com/video/vodafone-using-sim-card-tech-050036346.html

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