Deutsche Telekom, which one of the biggest names in telecommunication in Europe, has shown support for decentralized finance by investing in blockchain firm Celo. The company is the first to have invested in the growing blockchain firm, which has attracted applauds from the digital asset space. The well-known company invested in Celo by purchasing a notable amount of its native token, CELO.
The telecom firm bought the tokens through its investment fund called the Telekom Innovation pool. The payment service provider shared news regarding the purchase as it welcomes another prominent investor. The blockchain-based firm has been attracting new investments for the past few weeks, and people see it as a sign of a growing interest in decentralized finance.
Deutsche Telekom joins Celo alliance
Deutsche Telekom has come all-out for Celo as it joins a support group called Celo Alliance for prosperity. This group consists of its networks and over 100 members, who include blockchain firms and merchants. On Tuesday, it shared the alliance news and added that the telecom company was the first of its kind to be a part of the alliance group.
The alliance would allow the communication firm’s T-system to implement the OTC. The cloud is in line with current European regulations guiding its use while allowing people to settle transactions with their mobile devices.
One of Deutsche Telekom’s officials, Adel Al-Saleh, who is also a part of the management board, explained new developments affected by the investment. The official opined that the telecom’s new investment would allow it to be a part of the blockchain industry. He revealed that the Celo network is secured through the European firm’s investment and the OTC.
He assured that it would facilitate user’s use on the network. Interestingly, the firm explained that its API would send verification SMS to customers. The new announcement assured that the numerous text message providers would beef up the network’s security while optimizing phone verification.
Celo founder speaks on Deutsche’s investment
The SMS verification would improve the payment service provider’s blockchain network and make it more reliable. One of Celo’s founders, Rene Reinsberg, shared that the firm was excited to secure the blockchain network while improving developments and validating. He added that the ownership of CELO, its native token, would ensure rapid adoption of digital assets in the global market.
It’s safe to note that many mainstream firms turn to the digital asset ecosystem for numerous services, such as fast cross-border transactions and more attractive investment returns. This has made its adoption rapid and inevitable. The firm Celo is a blockchain-based company, which allows people to explore DeFi services through their smartphones.
Insiders within the firm talked about how the firm could comprise a popular payment firm, PayPal, on speed through the native token. The native token has not been doing as great as expected as it’s currently down by over 5%. The firm’s representative explained that the unstable prices should not significantly affect those with large investments due to the size.