Telecommunications and media giant AT&T now accepts cryptocurrency payments via crypto payments firm BitPay, a press release published on May 23 has revealed.
According to the announcement, the U.S. phone company now allows its customers to pay their phone bills online using crypto. AT&T will utilize the payments processor Bit Pay’s technology to process all the payments made in cryptocurrencies.
BitPay, which was granted the BitLicense by the New York Department of Financial Services (NYDFS) in July last year, offers a platform that instantly converts crypto into fiat to help businesses accept payments made in cryptocurrencies.
The platform is currently offering its services to more than 20,000 businesses around the world. However, AT&T is supposedly the first company in the wireless network industry in the United States to partner with BitPay to process bill payments.
Kevin McDorman, AT&T’s VP of Communications Finance Business Operations, noted that the company was happy with the move and that it now allows “customers who use cryptocurrency,” to settle bills with a payment method of that these customers prefer.
AT&T has also looked to harness the power of blockchain. In late 2018, the company announced it had started working on a project to develop several blockchain solutions. The project was reportedly compatible with both the IBM Blockchain and Microsoft’s Azure platform.
The company said at the time that its project was targeted at institutional customers, who would benefit from transparency and accountability in supply chain management. Industries targeted were those in healthcare, manufacturing, and retail.
The company’s foray into the blockchain space also saw AT&T file for a patent with the U.S. Patent and Trademark Office (USPTO).
Filed in December last year, the application detailed a blockchain-based platform it called “social media history map.”
Per the filing, the platform would allow network companies like AT&T to securely gather the transaction data of its subscribers’ from their social media history.
The filing described a solution that would exploit blockchain technology’s “immutable and permanent nature.”
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.