The company has also purchased an undisclosed amount of the digital token being used on the San Francisco-based platform.
Celo is currently used in more than 100 countries. It allows its clients to send and receive money on their mobile phones in the form of tokens. Its key feature is enabling the phone numbers of its users to be mapped to a blockchain wallet’s public key, allowing a simplified process of accessing crypto.
With the move, the German telecom giant becomes one of many corporations that have been on a spending spree in the crypto market that has been on a bullish run.
For example, Meitu, the famous Chinese app company that specializes in photo editing and video processing software, revealed its purchase of 175.6 Bitcoins (BTC) for a staggering price of $10 million. That brought its BTC reserve to over 940 coins.
While the Celo digital token is not as prominent as the Bitcoin, Deutsche Telekom, in principle, made a similar move with its purchase of the blockchain platform’s digital token.
In an article published in Blockchain.news, Andreas Dittrich, head of the blockchain solutions center of the German telecommunications company, said that value addition is shifting to the digital space.
He said, “Value is being digitized every second we’re talking. Value is being moved to the digital space and this need to be handled in a reliable and transparent, secure way.”
In the same article, the head added that they “have no idea where Celo will be in five to 10 years, but I think we have a pretty good idea that this is not going away.”
Image courtesy of Cointelegraph News/YouTube
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