The German-backed telecommunications company, Deutsche Telekom, has joined the crypto community by investing in Celo, a San Francisco-based blockchain payment platform that provides crypto on mobile phones. The telecommunications giant declared on Tuesday, unveiling, that it had invested in the project and purchased CELO tokens. However, Deutsche Telekon did not specify the size of the investment. The company is intending to staking its tokens. Deutsche Telekom’s investment also promotes Celo’s network infrastructure for a seamless P2P (peer-to-peer) payment platform.
In enhancement to investing in and validating the network, Deutsche Telekom will offer other critical infrastructure involving an API. It’s not yet apparent if the firm intends to adopt Celo’s characteristics for its services. In association with the investment, Deutsche Telekom has entered the global Celo Alliance for Prosperity. Celo’s ecosystem network of over 130 members involves non profits, merchants, payment processors, and blockchain firms. As per the report, Deutsche Telekom is the first telecom company to follow the alliance.
Deutsche Telecom to Feature its SMS API
As a component of the investment, Deutsche Telekom’s subsidiary T-Systems MMS will validator executing the Open Telekom Cloud, or OTC. The OTC satisfies compliance obligations in the European regulatory framework, assuring secure financial services are accessible via smartphones. The member of Deutsche Telekom’s board of management and T-Systems CEO, Adel Al-Saleh, elucidated that the new strategic investment would help the organization to participate in a public blockchain network.
Furthermore, Deutsche Telekom will introduce its SMS API to enable validators to send verification text messages employing their service. As per the announcement, the variety of SMS providers on the Celo platform enhances both the reliability and security of the decentralized phone verification protocol, which performs a crucial role in the Celo blockchain’s usability.
Celo is utilized in over 100 countries and allows users to transfer and receive money on their mobile phones in tokens. Its standout tool is a characteristic that allows mapping users’ phone numbers to a blockchain wallet public key. Therefore, accessing crypto is clarified. CELO’s price has expanded with the rest of the market this year, setting the project’s market cap at approximately $436 million, according to CoinGecko. At the time of publication, CELO is trading at $4.03. It is down by about 6% over the past 24 hours.
Follow BitcoinWorld for the latest updates.