Celo receives investment from Deutsche Telekom

Celo, a blockchain ecosystem aimed at building a decentralised financial system, has received an investment from Deutsche Telekom.

This deal makes Deutsche Telekom the first telecommunications company to join the Celo Alliance for Prosperity. The Alliance, which currently has 130 members, are joined with the aim of establishing a financial system that creates “conditions of prosperity – for everyone.”

As part of the deal, Deutsche Telekom will operate infrastructure across the Celo ecosystem. It will do this through its subsidiary T-Systems MMS, which will serve as a validator utilising the open telekom cloud.

Additionally, Deutsche Telekom will open its SMS API to enable validators to send verification text messages using their service.

Celo co-founder Rene Reinsberg said, “We’re excited to have Deutsche Telekom help secure the Celo network, develop the Celo infrastructure, and make meaningful contributions as a validator.

“The powerful combination of owning CELO and building on its mobile-first platform will help accelerate mass market adoption of digital assets and enable safe, secure and cost-effective payments for smartphone users everywhere.”

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.