The popular phone giant Deutsche Telekom invested in Celo’s Crypto network to improve and develop the crypto infrastructure as we are about to read in our latest crypto news today.
The new deal will see Deutsche Telekom support and build the Celo infrastructure while Celo’s co-founder says more companies from the telecommunications industry will start investing in crypto. In a first-of-its-kind investment, Deutsche Telekom announced that it will buy tokens that were issued by CELO which is a startup that specializes in offering crypto on mobile phones.
The German telecom giant didn’t disclose the size of the investment but the corporate executive said that the token purchase was quite significant. The company also invested in infrastructure to support the CELO network which is working to build a decentralized version of Venmo-sort of the payment platform.
Launched in 2017, Celo maintained a low profile in the crypto space but all that started to change in the past few months, especially because of the recent $20 million funding round that was raised by venture capital companies like Andreessen Horowitz. Celo’s features that stand out the most are the tools that map users’ phone numbers to the public key for the blockchain wallets. This serves to simplify the entire process of accessing crypto, especially for people that are in developing countries and lack the technology or maybe don’t have access to crypto exchanges.
The decision for the telecommunication giant to partner with Celo is quite an intuitive one as it involves a phone company that has crypto ambitions but also specializes in mobile crypto applications. It will be a challenge to see how the phone giant plans to integrate the crypto features of Celo. According to the corporate executive Andreas Dittrich, Deutsche Telekom will see plenty of opportunities using CELO like remittances.
Dittrich pointed out that the latest involvement makes Deutsche Telekom an investor but also an infrastructure provider. The company will run a validator node for Celo separately from its cellular network but uses its network to provide services like API that facilitate SMS-based validation. Dittrich emphasized that by buying its tokens, the company will invest in the decentralized network that Celo is building rather than the company itself. The co-founder of Celo Rene Reinsberg predicted that more organizations and companies will own various tokens to influence their governance but noted that the company will also issue a euro-backed stablecoin.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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