Deutsche Telekom Invested In Blockchain Payments Platform Celo

The mainstream adoption of the digital assets and their underlying tech, the blockchain, has been one of the most important goals that the crypto space set.

There have been a lot of moves made in this direction, and they continue and bring joy to crypto enthusiasts.

Deutsche Telekom invests in blockchain payments platform Celo

Reuters just revealed that Deutsche Telekom just invested in Celo – this is a blockchain payments platform that allows mobile phone access to “decentralised finance” projects offering users the ability to bypass traditional financial firms, according to what the company said on Tuesday.

It did not disclose the size of the investment.

“Deutsche Telekom has also bought an unspecific amount of the Celo digital token used on the platform, it said, following major firms such as Tesla Inc to hold cryptocurrency in their coffers,” Reuters notes.

The same notes make sure to remind readers that decentralised finance projects range from crypto exchanges and loans to insurance – these allow users to bypass traditional financial companies as they borrow, lend or transact with one another.

It’s also worth noting the fact that the San Francisco-based Celo, used in over 100 countries, allows users to send and receive money in the form of its tokens to mobile phones, co-founder Rene Reinsberg said.

Celo token has a market cap of about $800 million.

“We have no idea where Celo will be in five to 10 years, but I think we have a pretty good idea that this is not going away,” said Andreas Dittrich, head of the blockchain solutions centre at Deutsche Telekom unit T-Systems MMS.

He continued and explained that “Value is being digitised every second we’re talking. Value is being moved to the digital space, and this needs to be handled in a reliable and transparent, secure way.”

Check out the complete notes in order to learn more details.

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