Deutsche Telekom invests in mobile DeFi platform Celo Deutsche Telekom has become the first telecom firm to join the Celo Alliance for Prosperity. 5720 Total views News
Deutsche Telekom, one of the largest telecom providers in Europe, has invested in blockchain payments platform Celo to support the development of decentralized finance.
The telecom giant has made a “significant purchase” of Celo’s native token CELO through its strategic investment fund, the Telekom Innovation Pool, Celo announced Tuesday. The firms did not specify the size of the investment.
In conjunction with the investment, Deutsche Telekom has joined the global Celo Alliance for Prosperity Celo’s ecosystem and a network of over 130 members including nonprofits, merchants, payment processors and blockchain firms. According to the announcement, Deutsche Telekom is the first telecom company to join the alliance.
Deutsche Telekom (DT) is making another foray into the world of blockchain, becoming the first telco to join the Celo Alliance for Prosperity: a 130-member alliance with the lofty ambition of building a financial system that creates the conditions of prosperity for everyone by offering crypto currencies on mobile phones.
The German group also said it has made a significant purchase of Celo s native asset, CELO. The purchase will be made by the Telekom Innovation Pool (TIP), DT s strategic investment fund that is advised by Deutsche Telekom Capital Partners (DTCP).
DT explained that it will operate infrastructure across the Celo ecosystem. Its subsidiary, T-Systems Multimedia Solutions (T-Systems MMS) will operate as a validator utilizing the Open Telekom Cloud (OTC). DT will also open up its SMS API to allow validators to send verification text messages using its service.
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Celo Receives Additional $20 Million In Institutional Backing Amid Launch Of Global Payments Application And Exponential User Growth
February 10, 2021 GMT
SAN FRANCISCO, Feb. 10, 2021 /PRNewswire/ Celo, an open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone, today announced $20 million in new backing from purchasers and partners including Andreessen Horowitz, Greenfield One, and Electric Capital. To date, Celo has garnered more than $65 million from backers including Polychain Capital, Reid Hoffman, Jack Dorsey, Coinbase Ventures, Social Capital, Dragonfly Capital, Version One Ventures, SV Angel, and Valor Capital, among others.