Deutsche Telekom Invests in Blockchain Network Celo
- Deutsche Telekom will act as a validator on the Celo network through its subsidiary.
- The company is the first telecoms provider to join the Celo Alliance.
Logo of Deutsche Telekom on a shop in Aachen, Germany, January 2017. Shutterstock
According to a Deutsche Telekom press release published on 20 April, the company has made a significant purchase of CELO, the native asset of the Celo blockchain platform. The purchase was made by the Telekom Innovation Pool (TIP), Deutsche Telekom’s strategic investment fund, however, the amount of CELO the company has purchased is yet to be disclosed.
The company will operate infrastructure across the Celo ecosystem by employing its subsidiary T-Systems MMS as a validator. T-Systems MMS will also utilize the Open Telekom Cloud (OTC), which enables mobile access to secure financial services.
In addition to acting as a validator node on the Celo Network, Deutsche Telekom will also open up its SMS API to allow other validators to send verification texts using its service.
“Increasing the diversity of SMS providers on the Celo platform improves both the security and reliability of the decentralized phone verification protocol, which plays a central part in making the Celo blockchain easy to use,” the company said.
Rene Reinsberg, the co-founder of Celo, said that owning CELO and building on its mobile-first platform will enable Deutsche Telekom to accelerate mass adoption of digital assets. Germany’s leading telecommunications company will join over 130 other Celo Alliance members, which include Andreessen Horowitz, Anchorage, and Coinbase.
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