Sep 20, 2023

September 20, 2023 The Spanish cryptocurrency platform Bit2Me, invested by Telefónica -in addition to Investcorp and Inveready-, has reached an agreement with the Saudi Arabian company droppGroup, specialized in Web3, technology that allows you to further personalize navigation for each user by connecting applications. The objective is to bring Web3 innovation to companies and institutions in Saudi Arabia and the rest of the world. The Saudi droppGroup offers solutions that include Artificial Intelligence, machine learning, Extended Reality, tokenized networks and metaverses. Technologies already used by organizations and governments on a global scale. This alliance allows Bit2Me y droppGroup accelerate the integration of technological solutions based on Web3 with their respective clients. The collaboration also includes the creation of a tokenized network and a rewards program that will allow both companies to jointly serve a larger share of the market. “Bit2Me will also host the broadcast of the token the droppGroup for its global clients. This token will be a vital component of droppGroup’s innovative technology solutions and will unlock a range of dropp computing tools and services. The token will also boost droppGroup’s Web3 rewards capabilities, incentivizing users to participate in the network and contribute to its growth,” Bit2Me explains in a statement. Saudi Arabia has 9.9% of Telefónica’s shares A few days ago the company STC Groupowned by the Saudi royal family, It took over 9.9% of Telefónica. Something that has set off alarm bells in the Government, given that the operator chaired by José María Álvarez-Pallete is a strategic company, considered capital for the normal functioning of the country. Yesterday the National Securities Market Commission (CNMV) released a statement explaining that the acquisition of the share package meets the requirements established by this regulatory body. However, the Government has explained that they will analyze in depth to what extent the entry of Saudi Arabia into the capital of the operator could be compromising. It has two instruments to prevent it from becoming a shareholder. The first is the anti-opas shield launched during the covid and renewed with the war in Ukraine. From 10% of the capital ownership of one company in another (as long as it is of a strategic nature) the Executive has the power to prevent the purchase. Something that does not apply to the case of STC Group, which owns 9.9%. The Ministry of Defense does have decision-making power. In the case of purchase operations with companies that are critical for the country’s defense, the percentage of 10% drops to 5%.