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Deutsche Telekom invests in Celo

Wednesday 21 April 2021 14:58 CET | News

Deutsche Telekom has announced investing in decentralised finance (DeFi) by strategically participating in open blockchain network Celo and purchasing its tokens (CELO).

Celo is a global blockchain network offering financial services via smartphones. According to a Deutsche Telekom representative, the company is strategically participating in the public blockchain network, by supporting the Celo network with Telekom’s own cloud infrastructure and financially. Telekom’s  subsidiary T-Systems MMS operates the infrastructure for the Celo network using the Open Telekom Cloud (OTC) as a validator. The OTC meets the European legal frameworks requirements for safety and compliance and thus ensures secure financial services.

In addition, Telekom is opening its SMS programming interface (API) for developers, allowing validators to send SMS messages for verification. An extensive selection of SMS providers on the Celo platform improves the security and reliability of the decentralised protocol, which Celo uses to verify mobile devices. According to a Celo representative, Telekom will not only hold CELO tokens, but also help accelerate the acceptance of digital assets in the mass market as a new member of the Celo Alliance for Prosperity. Deutsche Telekom purchased CELO tokens through Telekom's strategic investment fund, the Telekom Innovation Pool (TIP). 


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Keywords: investment, DeFi, blockchain, token
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Germany
This article is part of category

Blockchain & Cryptocurrencies