Deutsche Telekom buys into cryptocurrency firm Celo
07:17, 20 April 2021
Deutsche Telekom has invested in Celo, a blockchain payments platform, that enables mobile phone access to decentralised finance.
Decentralised finance projects range from cryptocurrency exchanges and loans to insurance, and they allow users to bypass traditional financial companies as they borrow, lend or transact with one another.
Deutsche Telekon has so far not disclosed the size of its “significant” investment in Celo but has confirmed it has bought an unspecific amount of the CELO digital token used on the platform.
In a statement, Adel Al-Saleh, member of the Board of Management at Deutsche Telekom AG and CEO of T-Systems, said the “significant purchase” would allow Deutsche Telekom “to take a strategic approach to participating in a public blockchain network”.
Board arrival
Last week, former Citigroup chair Dick Parsons joined the board of Celo. Parsons is one of the first major banking executives to jump into the cryptocurrency sector.
His experience includes stints as CEO of Time Warner and the LA Clippers. Parsons also serves as chair of the Rockefeller Foundation.