Today Deutsche Telekom announced a ‘significant’ purchase of the Celo public blockchain’s cryptocurrency. The smartphone focused blockchain offers decentralized finance, including remittances, and is best known for its Alliance for Prosperity. When Facebook first unveiled Libra, it talked a lot about financial inclusion. Some view Celo in a similar light but without the baggage of international regulator attention.
The reason for the token purchase by Deutsche Telekom, is so its subsidiary T-Systems MMS can operate a validator node for the proof of stake blockchain network. Celo also announced the launch of its second stablecoin for euros, alongside the existing dollar one.
“Our investment in CELO, combined with infrastructure operated by T-Systems, allows our company to take a strategic approach to participating in a public blockchain network,” said Adel Al-Saleh, Deutsche Telekom director and CEO of T-Systems. “We are able to secure the Celo network with our investment and our own cloud infrastructure while facilitating user onboarding and use-case development on top of the Celo network.”
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