Deutsche Telekom, the Europe-based telecom provider, has become the first telecom firm to join the Celo Alliance for Prosperity.
It has been reported by Celo that the telecom giant has made a “significant purchase” of Celo’s native token, through its strategic investment fund, the Telekom Innovation Pool.
However, in conjunction with the investment, Deutsche Telekom has joined the global Celo Alliance for Prosperity, Celo’s ecosystem, and a network of over 130 members, including nonprofits, merchants, payment processors, and blockchain firms.
According to the announcement, Deutsche Telekom is the first telecom company to join the alliance. As part of the move, Deutsche Telekom’s subsidiary T-Systems MMS will be a validator implementing the Open Telekom Cloud. The OTC fulfills compliance requirements within the European regulatory framework, ensuring secure financial services are available through smartphones.
.@TSystems_MMS will be a @CeloOrg validator implementing the #OpenTelekomCloud, fulfilling compliance requirements within the European regulatory framework, ensuring secure financial services are available through smartphones. @coindanslecoin https://t.co/Ds2juEo1Yj — Celo (@CeloOrg) April 20, 2021
Adel Al-Saleh, a member of Deutsche Telekom’s board of management and CEO of T-Systems, said that the new strategic investment will help the firm to participate in a public blockchain network.
He said:
“We are able to secure the Celo network with our investment and our own cloud infrastructure while facilitating user onboarding and use-case development on top of the Celo network.”
Likewise, Deutsche Telekom will open up its SMS API to allow validators to send verification text messages using their service. According to the announcement, the diversity of SMS providers on the Celo platform improves both the security and reliability of the decentralized phone verification protocol, which plays a key role in the Celo blockchain’s usability.
Thus, Rene Reinsberg, the co-founder of Celo, said:
“We’re excited to have Deutsche Telekom help secure the Celo network, develop the Celo infrastructure, and make meaningful contributions as a validator. The powerful combination of owning Celo and building on its mobile-first platform will help accelerate mass market adoption of digital assets.”
Source: Cointelegraph | Image: Tele Info Today