German telecommunications firm Deutsche Telekom has invested within the public blockchain community Celo, the agency introduced Tuesday.
Deutsche Telekom bought an undisclosed quantity of CELO tokens and plans to stake them. By way of doing so, the corporate’s subsidiary T-Methods MMS will function as a validator utilizing the Open Telekom Cloud (OTC), a scalable cloud infrastructure system the corporate developed.
In keeping with the announcement, the OTC meets the safety and compliance necessities of European rules to make sure all monetary companies are safe and correctly regulated.
“Our funding in CELO, mixed with infrastructure operated by T-Methods, permits our firm to take a strategic method to collaborating in a public blockchain community. We’re capable of safe the Celo community with our funding and our personal cloud infrastructure whereas facilitating person onboarding and use-case growth on prime of the Celo community,” mentioned Adel Al-Sale, Deutsche Telekom board member and CEO of T-Methods.
Celo is an open-source world funds platform that permits customers to make funds with a cell phone.
Along with being a validator on the community, Deutsche Telekom will enable validators to ship verification textual content messages utilizing its SMS API.
“Growing the variety of SMS suppliers on the Celo platform improves each the safety and reliability of the decentralized cellphone verification protocol, which performs a central half in making the Celo blockchain straightforward to make use of,” the announcement said.