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Vodafone, a leading telecommunications company in the U.K., is making strides towards integrating crypto wallets directly into mobile phone SIM cards.
In an interview with Yahoo Finance Future Focus, David Palmer, the Chief Product Officer of Pairpoint by Vodafone, shared insights into the company’s efforts to promote blockchain technology for managing cryptocurrency transactions on mobile devices.
Palmer highlighted Vodafone’s focus on connecting SIM cards to crypto wallets, aiming to harness the cryptographic capabilities of SIM cards for seamless integration with blockchain technology. He explained how Pairpoint, a Vodafone subsidiary, is driving innovation in web3 and Internet of Things (IoT) services by utilizing SIM card technology for blockchain-based digital wallets on mobile devices.
Palmer expressed his belief that by 2030, there would be approximately 5.6 billion blockchain-based digital wallets globally, serving as gateways to financial services. He also estimated that by the same year, around eight billion cell phones would be in use worldwide, providing at least 70% of the world’s population with access to this technology.
These developments follow Vodafone’s recent 10-year strategic partnership with Microsoft to offer generative artificial intelligence (AI) services to customers. Additionally, Vodafone had previously demonstrated interest in web3 and blockchain technology through Pairpoint’s collaboration with Sumitomo Corporation and Chainlink Labs. This partnership resulted in a proof of concept aimed at streamlining the exchange of trade documents across various platforms and blockchains, addressing inefficiencies in the global trade ecosystem valued at $32 trillion.
The proof of concept showcased the ability to seamlessly exchange crucial trade documents across multiple platforms and blockchains, overcoming challenges posed by fragmented and incompatible systems.
