Vodafone to Use SIM Tech for Crypto Transactions, CEO Says

In the past few years, dozens of telecommunication giants have explored crypto’ potential; some have even established their services for the market. Several pieces claim that the number of mobile users using digital assets has surged enormously. 

As per the recent updates, Vodafone, a leading telecommunication giant, has announced the plan to leverage sim technology to meet the growing demand for crypto among mobile users. 

In a recent interview with Yahoo Finance, Chief Executive Officer David Palmer noted that the company is advancing the use of blockchain on mobile devices to manage crypto transactions.  

Palmer noted, “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.” 

“In the 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,” he added. 

Vodafone Share Price Analysis

When writing, Vodafone shares (LON: VOD) were trading at 73.36 GBX, with a growth of 3.60% in the past seven days. The press time trading LON: VOD was trading above 20, 50, 100, and 200 days EMA. 

According to available information, Vodafone Group PLC reported 12.73 billion GBX in revenue with 1.20 billion GBX in net income and 10.05% in net margin. The annual price target of Vodafone shares is 87.16 GBX. 

Vodafone has a market cap of $26.71 billion, making it the world’s 748th most valuable company by market cap. Nevertheless, the reported EPS of the company in H2, 2023, was -25.00% less than the estimated EPS. 

The estimated revenue of the Vodafone Group is anticipated to reach 31.79 billion GBP, although, in 2023, the reported revenue was 31.39 billion GBP, around 16.42% less than the estimate. 

TradingView data states that 19.69 billion Vodafone shares are free-floating, and the remaining 6.59 billion are closely held. 

Other Market News Updates

The financial watchdogs of the United Kingdom quoted in its recently released annual report for 2024 that the total number of registrations of crypto-based companies fell around 87% in this year compared to 2023. 

The report further notes that the insufficiency of the companies backs the decline in the number of registrations to meet the guidelines set by the FCA. 

Crypto Market Price Update 

Since the past few days, the broader cryptocurrency market has been marking lower lows; Bitcoin, the pioneer, has lost over 6.28% in a week, reaching below $57k. Until the crypto market cap was published, it was $1.925 trillion, with a decline of 5.75% weekly. 

At the time of writing, BTC was trading at $55,854 with an intraday drop of 1.02% intraday, at the same trading below 20, 50, 100, and 200 days EMA. BTC’s closest visible supports are $51,078 and $47,646. 

The intraday gainers’ list is directed by Toncoin and obeyed by Helium, Sui, Mantra, and Bitcoin Cash. Bittensor, BONK, and Near Protocol are among the intraday losers.  

Ethereum’s price is also struggling, assumably due to bearish domination; at press time, it was at $2,357, with a drop of 1.49% in its prices.