- Vodafone intends to utilize SIM card technology for blockchain-based digital wallets on mobile devices through Pairpoint.
- The British-based telecommunication company is available globally through its subsidiaries, thus promising to expedite the mass crypto adoption.
Top-tier multinational telecommunications company Vodafone Group Plc., which predominantly operates in Europe, Asia, Oceania, and Africa, is ostensibly advancing its SIM technology via the use of blockchain to help users manage crypto assets. According to Vodafone’s Pairpoint Chief Product Officer (CFO), David Palmer, in a recent interview, the company will be linking mobile SIM cards to digital wallets.
“Within each mobile phone is a SIM card and we have focused on linking the mobile phone SIM card to digital wallets, identity, and blockchains, using the cryptography we have in those SIM cards for that blockchain integration,” Palmer noted.
Vodafone and Web3 Industry
The mass adoption of the cryptocurrency industry has reached a tipping point in the past year following the introduction of clear crypto regulatory frameworks in different jurisdictions led by Europe. As Crypto News Flash recently pointed out, the recent approval of spot Bitcoin ETFs in the United States and Hong Kong will trigger a ripple effect in other major jurisdictions such as Australia, the United Kingdom, and Singapore, among others.
As for Vodafone, Pairpoint already provides a secure digital platform that enables electronic devices such as vehicles to seamlessly interact with each other. Consequently, the company’s venture into web3 and the Internet of Things (IoT) is in line with the growing demand for interoperable blockchain-based digital wallets.
According to Palmer, blockchain-based digital wallets will rally as high as 5.6 billion in the next six years. Furthermore, the linking of blockchain-based digital wallets with SIM card technology will open up more adoption that had previously been locked out due to sophisticated web3 protocols.
“Long term the pathway is towards using public blockchains such as the Ethereum network, and with the Ethereum fork, we are starting to see that public blockchains are becoming faster and more secure,” Palmer added.
Previously, Vodafone has ventured into the web3 sector through the PairPoint digital asset broker platform. The platform can facilitate transactions between public and private blockchains through the use of smart contracts. Vodafone has also used the blockchain technology to introduce interoperable digital identity passports.
Market Impact
The entrance of major tech companies into the web3 sector will ultimately expose them to sophisticated hacking threats, such as those from North Korea’s Lazarus. Nonetheless, the cryptocurrency market is bound to grow exponentially in the coming years.
As Crypto News Flash explained, the fourth Bitcoin halving has taken place, which decreased the block rewards to around 3.125 BTCs. With the overall Bitcoin demand rising by the day, fueled by institutional investors and retail traders fleeing, the underlying prices are bound to rally exponentially in this bull cycle.
According to Berstein analysts in a note to investors, Bitcoin price will reach at least $150,000 by the end of 2025.
