Deutsche Telekom Invests in the Celo Blockchain Project

The German telecommunications company Deutsche Telekom acquired an undisclosed number of tokens of the Celo mobile crypto-payments project. Reuters reports.

“We do not yet fully understand what Celo will look like in five to ten years, but we are confident that it will not disappear. The value is digitised with every second of our conversation. This must be implemented in a reliable, transparent and secure manner”, said Andreas Dietrich, head of the Blockchain Solutions Center at Deutsche Telekom’s division.

Positioned as an alternative to Diem (formerly Libra), the Celo service operates in more than 100 countries. The Valora app enables world-wide transactions in seconds with a $0.01 fee.

The CELO token sits at 143rd place by market capitalization among crypto assets, at $429 million, according to CoinGecko. At the time of writing, the token had pared its 24-hour decline to 1.7%, gaining around 5% in the last hour.

Back in 2019, Celo closed a $30 million funding round with backing from Andreessen Horowitz and Polychain Capital. In 2020, the blockchain startup raised $10 million in a token sale.

In February, the project attracted $20 million from a16z, Greenfield One and Electric Capital.

Follow ForkLog news on VK!