Deutsche Telekom invests in blockchain payments platform Celo
Deutsche Telekom has invested in Celo, a blockchain payments platform that allows mobile phone access to “decentralised finance” projects that allow users to bypass traditional financial firms, 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.
Decentralised finance projects range from cryptocurrency exchanges and loans to insurance, allowing users to bypass traditional financial companies as they borrow, lend or transact with one another.
The mostly unregulated sector, known as “DeFi,” has exploded during the COVID-19 pandemic, with the value of cryptocurrencies on such platforms jumping over three times this year to around $60 billion.
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.
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